Just when you begin to think all is right with the world, you are told that one of your customers has filed for bankruptcy. Here is a checklist of some actions you should take immediately: 1. Stop all collection efforts. 2. Investigate whether any shipments of goods that are in process or in transit can be immediately stopped. 3. Immediately make a demand for reclamation of any product already in the hands of the insolvent buyer. 4. Examine any contracts you might have with the customer. 5. Contact the accounts payable department in your company to make certain that they are not processing any checks to the customer. 6. Carefully review the "Notice of Commencement" (the document you received that informed you of the bankruptcy). 7. Determine whether you will file a Proof of Claim.