As the creditor of a debtor that has filed for bankruptcy protection,
you have all of the following rights:
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To place the account on credit hold
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To change the terms to no business or cash in advance
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To shorten the credit terms
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To reduce the credit limit
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To stop shipments in transit to the debtor
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To demand that or business entity that owes money.
Money: A medium of exchange; coined or stamped currency.
Stamped currency: A medium of exchange; coined or stamped currency.
y. common carriers return shipments to you
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File a reclamation claim
Reclamation: The process by which a seller demands that an insolvent
buyer return goods purchased on credit.
Claim: A right to payment or other equitable remedy Relates to the judicial
means or court procedures by which legal and equitable rights are enforced.
in the event of a breach of contract.
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To refuse to do business with the debtor
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To ask for statement of account as of the bankruptcy
filing date
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To refuse to accept C.O.D. payments
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To refuse to accept company checks
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To demand payments under a personal guarantee
To assume liability for the debts or obligations of another in
the event of a default. ,
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To sue guarantors that do not pay you
A person who assumes liability for (guarantees) the debts or
obligations of another in the event of a default.
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To attend court hearings
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Bring to the attention of the trustee
Trustee: A person who takes possession of a debtor's assets in
a bankruptcy proceeding and liquidates them to pay creditors.
Appointed by the bankruptcy
judge unless the district has a U.S. Trustee. or the Bankruptcy Court
any facts proving the debtor has hid assets, or committed some
other type of
bankruptcy fraud A deception used to induce a supplier to sell. In a
fraud, the debtor has no intention of repaying debt.
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To ask the Court to appoint a trustee
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Ask the court for approval to seize the assets that
your company has a perfected security interest in
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To join the creditor's committee.
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To refuse to join the creditor's committee.
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To refuse to return payments in response to a reclamation
demand
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To negotiate and if necessary to litigate over claimed
preferences
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To petition
Petition: The document that initiates a bankruptcy
case. "Pre-petition" events
are those that occur before a bankruptcy petition is filed, and "post
petition" events are those that occur after the petition is filed. the
Court to convert a Chapter 11 reorganization bankruptcy into a Chapter 7 liquidation.