Protecting Yourself from Customer Bankruptcies

By James Waite Question: I just had two large customers file bankruptcy. One of them was making payments on a rental that included an informal purchase option — just some notes written on the face of a rental contract; the other owes me more than $50,000 on a job I did not lien. Now, I’m wondering what to do. Any advice you can provide would be appreciated. Answer: Unfortunately, as a result of the raft of coronavirus (COVID-19)-driven shutdowns, which were unforeseeable just a year ago, you are not the only one in this predicament. Businesses, large and small, throughout the country are struggling to survive. A number already have closed their doors and/or filed for bankruptcy protection, including 24 Hour Fitness, J.C. Penney, J.Crew, Neiman Marcus, Gold’s Gym, Chesapeake Energy and Hertz Rent-a-Car. READ FULL ARTICLE>>