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PETITION THE CUSTOMER INTO AN
INVOLUNTARY BANKRUPTCY PROCEEDING
This is not a standard suggestion, since it may be self-defeating.
It can be useful when:
- You are one of the largest creditors, so you would benefit from a
bankruptcy (the assets are divided up equally, with little or no legal
expenses to you);
- The debtor has been paying some creditors, but not you;
- There is reason to suspect that the customer has been draining money from
the business by paying too much money to the owner (with cash for salaries,
rent for equipment or space owned by the principal, etc.);
- You did not receive money from the debtor within 90 days prior to the
bankruptcy filing, unless you have a defense (paid within terms; subsequent
new value; you are a secured creditor, etc).
REQUIREMENTS: If there are more than 12 creditors, you need 3 or more
petitioning creditors whose combined receivables exceed $10k.
WARNING: do not be a petitioning creditor if it is done for
vengeance or other improper motives, such as to drive the debtor out of
business.
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