Federal Chapter 7 or 11 bankruptcy requires lengthy court review. Employed doctors get priority. Contracted doctors may get little. As unsecured creditors, they may get pennies on the dollar. Patients can't be abandoned.
Doctor gets full payment for services after bankruptcy is declared.
Restrictive covenants may continue. Doctor may have to move practice or buy himself or herself out. Contract may be transferred to a buyer. Doctor may need court order to dissolve contract. Get financial ratings on Web, solvency data from state.