Dealing with third-party bankruptcy

Sometimes companies just go out of business. This is rarely a good thing, but it is easily understood. So are your options for dealing with this situation if the unlucky company is a customer or supplier. Not so when a company files for bankruptcy. Then the rules change. Federal bankruptcy law takes over. And, if you aren't careful, you can get yourself or your company into serious trouble. So review some of the more important things to keep in mind if a company you are dealing with files for bankruptcy. The first thing to remember is that as of the moment of filing everything stops, or is supposed to stop by law.