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If you can get an attorney to do the case you will have to pay money up front but probably recover more of the amount due than would be the case with a collection agency. Normally, they will charge you about 50% of the recovery. If you are concerned about bankrutpcy it is best to file suit immediately and get a judgment as quickly as possible. A judgment is automatically a lien on any real estate the company owns in the state. You can also levy on other property. If the bankruptcy is filed after you get a judgment but before you can levy on things like bank accounts, as to all company assets other than real estate in the state where the judgment is obtained, you will be an unsecured creditor. As to the real estate you will be a secured creditor and will have priority over all other creditors except prior liens on the real estate. If you attach non real estate property such as bank accounts before the bankruptcy is filed as to that property you will be a secured creditor with priority over all unsecured creditors.
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