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Your Customer Filed for Bankruptcy: Now What?

Your Virtual Credit Manager

Confirm that the bankruptcy has actually been filed with the bankruptcy court, and which type (usually Chapter 7 liquidation, Chapter 11 reorganization, or Chapter 13 if an individual is operating as a sole proprietor). More About Purchasing Credit Reports Email YVCM about Consulting Final Thoughts.

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The Imperative for Prioritizing Collections

Your Virtual Credit Manager

Over the next couple of years, many more companies are expected to file bankruptcy chapter 7 liquidations, or simply close their doors for good. Your Virtual Credit Manager is a reader-supported publication. To receive new posts and support my work, please consider subscribing for $5 monthly ($49 yearly).

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Red Flags Revealed by Your Customers' Financial Statements

Your Virtual Credit Manager

Chapter 11 filings, used by businesses hoping to reorganize, have increased by 34 percent in the first six months of 2024 compared to last year. Chapter 7 commercial liquidation filings are up 28 percent and sub-chapter V small business elections are up a staggering 61 percent despite the filing threshold recently being cut in half.

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RMAI Update May 2023

RMAi Blog

Nat’l Credit Sys. , 26, 2023) A consumer filed for Chapter 7 bankruptcy, listing past-due rent he owed, and was subsequently granted a discharge. Credit Corp Solutions Inc. Credit Management Corporation D1AL InDebted Kino Financial Co., 21-3131, 2023 U.S. LEXIS 10237 (7th Cir.

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Welcome To The Small Business Guide To Bookkeeping

Lendio

Chapter 4: Accounts Receivable Learn how to record accounts receivable. Accounts receivable refers to the money owed to a business by its customers for goods or services provided on credit. Managing accounts receivable involves tracking outstanding invoices, collecting payments, and maintaining a healthy cash flow.