The days when troubled companies could spend years fixing their problems in bankruptcy court are fast evaporating. As companies face the tightest credit market in decades, ready-made, pre-packaged and pre-arranged bankruptcies have soared in popularity, spurred along by tougher bankruptcy rules and worried lenders. "The bias is going to be towards getting in and out of bankruptcy quickly," said Jerry Mozian, a director of restructuring at consultancy Tatum LLC. "If it's a small company you really don't want to go in without going in on a pre-packaged basis." Moving and relocation services company SIRVA Inc SIRV.PK, for example, used a pre-packaged bankruptcy and received court approval for its reorganization plan this week -- just three months after initially going into Chapter 11. While pre-packaged bankruptcies, in which creditors vote on a bankruptcy plan before it is filed with the court, have been around since the 1980s, the current credit market conditions have made them a much more common form of filing. While there were only four pre-packaged bankruptcies initiated in all of 2007, this year there were four pre-packaged bankruptcies filed in February alone, according to research firm Bankruptcydata.com. Several more pre-packaged bankruptcies have been filed since then, as the tightening of the credit markets has changed the game for a U.S. company seeking bankruptcy protection. http://www.reuters.com/article/reutersComService4/idUSN0952599420080512