It’s the most frustrating moment for any business owner. A regular client has ordered your product on credit. Payment is late, again. You call, send letters, and get the runaround. “The check is in the mail,” the customer pleads. But there is no check. Instead, you get a Notice of Bankruptcy. Filled with legalese, names, and dates, you throw up your hands in frustration. What does this mean? Will we ever get paid? Can we get our products back? How much do we have to pay a lawyer to deal with this?

When businesses encounter consumer bankruptcy, it can be a frustrating and confusing experience. Bankruptcy is a process governed by federal law, with some state law flavoring sprinkled in. The Federal Bankruptcy Code (the Code), set out ...

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