Ritz Camera, one of the largest specialty camera chains, has filed for Chapter 11 bankruptcy protection. Such protection allows the company to remain in business while dealing with its financial woes. In the past, some retailers have successfully restructured after going into Chapter 11, while others including Circuit City have gone into Chapter 7 bankruptcy and liquidated their assets.

Ritz Camera has been among the recommended walk-in stores in our Ratings of electronics retailers, among a group of chains that were above average on attributes that make the store experience easier, including customer service, satisfying checkouts, and general shopping ease.

As our colleague Tightwad Tod has noted, when a chain files for Chapter 11 protection, customers usually aren't a top priority.

Although bankrupt companies still maintain assets, they're doled out to the firm's long line of creditors—lenders, suppliers, attorneys, the courts, and employees with wage claims. Guess who's generally at the end of the line? Also, the reality is that some businesses seeking bankruptcy protection ultimately fail, and there simply aren't enough assets to go around to pay off everyone with a claim.

If you're thinking about shopping at Ritz Cameras, or any store that's on the brink, see these tips to avoid becoming a creditor.