A day late and hundreds of thousands of dollars short: calendar those bar date notices!(Credit Column)

For a Credit Manager attempting to force payment of a delinquent account through e-mails and past due notices, the customer's bankruptcy filing forces an end to all collection efforts. Upon the filing of a bankruptcy petition, payments to unsecured creditors are suspended and the vendor is entitled to assert a claim for the unpaid value of their goods and services against the debtor. By virtue of the automatic stay, which arises upon the filing of the bankruptcy, creditors are enjoined from attempting to collect on their unsecured, pre-petition debt and instead must file a proof of claim (in most cases).

The Bankruptcy Code, Bankruptcy Rules and local Rules ...