Late rent payments becoming major headache

Q: I own several rental properties and have had tenants who had trouble paying the rent, but the economy seems to have hit my tenants very hard. Several tell me that their work hours have been cut back or they have been laid off. It is getting much more difficult to collect the rent. I am even accepting partial payments, as some rent is better than nothing. One of my tenants still hasn't paid any of last month's rent and admitted to me that he is considering bankruptcy. What should I do?

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