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Are You Owed Money from a Business that Filed for Bankruptcy?

Suppose you’ve been doing business with a company that owes you money or has been late in paying for services you have provided. You might have even filed a lawsuit to obtain the payments. But then you receive a notice that the company has filed for bankruptcy. If a business that owes your company money files for bankruptcy, it’s important to know your basic rights and responsibilities. Keep reading for a full explanation of the types of bankruptcy and some general guidelines to follow if you are a creditor in this unfortunate situation.