Homer J. Simpson
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OF COURSE YOU DO! The loan company would have given your loan to one of its creditors to at lease partially satisfy its debt. Now, you are beholden to that entity. |
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taketwo
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yes you will hear from their liquidator pretty soon. |
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Michael B
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When the bankruptcy court is finished, all the collectibles (including your account) will be considered an asset and will be sold off to another company.
Expect to hear from the new owner of the debt fairly soon in regards to the repayment of your account. Legally, yes you are still liable for your account balance. Consumer debts are considered assets and can be sold to other parties. |
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Hibee
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You have become a debtor of the company's creditors. So, yes. |
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gsmithtriposcom
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In short, yes. The outstanding loans of the lending company are part of the assets managed as part of the bankruptcy. These assets (the loans) will likely be sold to another loan company.
Personal example: Support a friend loans you 50K and shortly after the friend dies. His estate will inherit the loan -- you will have to repay the estate (or the person who inherits the assets of the estate). |
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Martin G
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Was, technically you owe the money to the creditors of the Loan Company. The company handling the bankruptcy will attempt to sell the debts (like yours) to another company, who will then ask you to create a new loan agreement.
If the company handling the bankruptcy has asked you to keep paying the money as normal then do this. Otherwise, put the money that you would normally pay aside in a savings account until you are informed of the new payment instructions. |
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break
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the answer is YES. They leant you the money so their crediters will want you to continue to pay it back. |
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Sara
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When a business files for bankruptcy, it has two options. Chapter 7 is liquidation. The business shuts its doors and sells off the assets to try to pay its creditors. It's highly unlikely consumers would be doing business with a company in Chapter 7 liquidation unless they're buying the remaining inventory, the office furniture or the carpet to put in their basements. And forget about any deposits you might have given them.
The other option is Chapter 11, which is reorganization. A company files for Chapter 11 bankruptcy for protection against its creditors while it attempts to find a way to make money and return to profitability. It's a potential nightmare for the suppliers and other creditors who have to file petitions with the court to get the money they're owed. But consumers might not even notice a change.
"Most often, it's fairly transparent to the consumer," says Daniel Harrow, managing director of The Seidler Co., a Los Angeles-based investment-banking firm. "The company doesn't miss a beat because everybody wants the ongoing revenue to continue. I did a department store once and many of their employees didn't even know they were in bankruptcy. It's business as usual." |
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banksify
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Depends if another company buys them out. If so they will accept all the debt and you will have to pay them instead!! probably! |
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Moi
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Hey, not sure if thats a good result or not! But hopefully you will be on the bottom of the list and you wont have to repay it! I hope you borrowed lots ;o)
(soz, thats a bad thing to say, but in this world of companies chucking credit at you, regardless of if you can afford it, it would be nice for you to have a happy ending!!) |
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UFaQWitMeIFaQWitU
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More likely yes unless you are planning to skip town.
Whoever is gonna take over has your information BTW. |
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mumoftheyear
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most likely but i dont know who to you should get notification soon of what you need to do it is highly unlikely that you will get away with not having to pay it
the company dealing wioth the bankrupcy will want to call in all debts owing to tthe company so they can give the creditors some of the money they are owed |
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