Your posting does not indicate whether they are a corporation, a limited liability company or individuals. The bankruptcy laws differ accordingly.

If they are individuals, you may be in luck. Under the new law individuals have to pass a test in order to file for bankruptcy. If their income exceeds the poverty level, they may be required to file for a Chapter 13 reorganization rather than a Chapter 7 liquidation. Under Chapter 13 they are required to make structured payments over a period of time to pay down their debts.

I do not practice in the area of bankruptcy, and I am not certain how the new law effects corporations or limited liability companies. However, it used to be that they would initiate the bankruptcy under a Chapter 11 reorganization, but could convert to a Chapter 7 liquidation. Regardless of which type of filing, the unsecured creditors received only pennies on the dollar if anything. The secured creditors were paid in full in accord with the priorities with which the claims were perfected (secured) and to the extent that funds were available to pay them. In other words the first creditor to secure his claim is paid in full first. If there are funds left after that the secured creditor next in order of priority is paid, and so on down the line until the funds are exhausted.

The up side is that in the event of a Chapter 11 reorganization, the debtor is required by the Court to stay current on its post filing bankruptcy petition debts, while the prefiling debts are discharged or paid in accord with the reorganization plan. The bankruptcy trustee assures timely payment of post petition debts.

You will be receiving a notification from the Bankruptcy Court instructing you how to proceed with filing your proof of claim. Make certain that you follow its instructions very carefully, especially with respect to time limitations for filing. The Court has very strict rules for cutting off claims that are filed in an untimely manner.