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Hard to say. If the business has no assets or receivables and you obtain judgment, then it may still be hard to collect.
The instant they file bankruptcy the debt will be discharged.
Also, preferential payments that are made to you (even by judgment) could be brought back to the bankruptcy estate and distributed to all creditors.
So it is hard to say if you would have a higher likelihood of gettting paid.
if you have a lien on an asset (Secured debt) then that security interest would remain even if they file bankruptcy.
If the company does not file though, then you would be more likely to be paid if you have a judgment and they have assets.
Suit would cost money and there could be costs of collection as well to enforce the judgment.
I would exhaust all other payment options first.
I would also not spend those receivables should you get them, just in case there is any preference issue brought up by the bankruptcy filing.
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