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Bankruptcy

: Arizona Bankruptcy Attorney Blog

Borders Bookstore Bankruptcy and Trickle-Up Creditors

By Joseph McDaniel, Esq.

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The New York Times has reported on the Borders Bookstore Chapter 11 Bankruptcy. 

This paragraph grabbed my attention: 

"Large publishers have grimly accepted that they will lose millions on books they shipped to Borders throughout the holidays. Besides Penguin, other publishers owed money include the Hachette Book Group, Simon & Schuster, Random House, HarperCollins and Macmillan."

The reason I noticed this paragraph is that so many of my small business clients have started telling about losing tens or hundreds of thousands or millions of dollars when a customer filed a bankruptcy, leaving them an unsecured creditor. Dominoes, you know?

Do you know the technical definition of an unsecured creditor?

It's a creditor who doesn't get paid in a bankruptcy. Mostly. 
NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY ATTORNEY WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY THINGIE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, GILBERT, CASA GRANDE, OR ANYWHERE ELSE IN ARIZONA!

Full post as published by Arizona Bankruptcy Attorney Blog on February 17, 2011 (boomark / email).

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