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What Happens If a Business Partner Declares Bankruptcy?

Running a business is full of challenges. If you run a business – which is probably the case since you’re reading this – it’s very likely that you’re familiar with just how challenging it can be. Things can be going great – operations are running smoothly, you’re reaching all of your financial goals – and you can still run into problems outside the realm of your control. For example, you could be going through your business’ mail one day and come across a bankruptcy notice from one of your main suppliers. What does this mean for your business? Will you still be able to do business with this supplier? Are there steps you need to take to avoid financial loss? When dealing with a business partner’s bankruptcy, several factors determine your available options. If they are filing for Chapter 11 bankruptcy, then their business remains in control of its possessions…
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