Although not a current emphasis of my practice, I have represented both debtors and creditors in bankruptcy chapters 7 (liquidations), 13 (individual wage earner), and Chapter 11 (reorganization).  I have served on a creditors committee and have been a bankruptcy trustee.

Bankruptcy issues are a fact of life for businesses. You need to factor in the possible bankruptcy of business partners and customers in planning a course of action. This can often make a dramatic difference in results if bankruptcy occurs.