2007-09-11 10:29:54 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
i was about to send them a check for the amount but i found out they went bankrupt do i have to pay it back
2007-09-11 10:30:48 · update #1
they are out of business also i call them at there numbers and all i get is this number has been discounected
2007-09-11 10:36:27 · update #2
Yes, your loan has more than likely been sold to another company. I'm sort of surprised that you didn't get a notice telling you where to remit your loan check. Also just because a company goes bankrupt doesn't mean they are out of business. There are a number of different versions that allow you to continue to operate with some protection from your creditors. For example back in the 1970's Chrysler Company went bankrupt but were allowed to continue to operate.
2007-09-11 10:34:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
In most cases, when the company goes bankrupt, the new company that bought out the old company also buys into the accounts and loans it previously had. Therefore, yes you'll still have to pay the loan back, only you'll be paying it toward the new company that's taking over.
2007-09-11 10:37:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Wow, that's a complicated question. Are they still in business? Then yes. Were they purchased by another company? You'll probably owe the new company instead.
Best thing is to call this company, find out what to do. It's very unlikely that your loan will just disappear.
2007-09-11 10:34:01 · answer #3 · answered by physicsmom04 3 · 0⤊ 0⤋
Yes, the company is bought by another company or the government takes over and your payments pays off their loan debts (the money loaned to you and others) so make sure you still make your payments on time and to the company that now owns it.
2007-09-11 10:34:58 · answer #4 · answered by Kristina F 2 · 0⤊ 0⤋
Yes, your mortgage is an asset of that company. They probably filed chapter 11 which means they remain in business and have to repay their creditors...the only way they do that is if their assets are still providing income. If they go out of business then your mortgage gets sold to another lender who is required to adhear to the original terms of the loan. In either case you still owe the money and should pay it to avoid foreclosure.
2007-09-11 10:34:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Most likely your loan was sold to another company. You will owe the other company the money.
2007-09-11 10:33:17 · answer #6 · answered by Bill S 3 · 1⤊ 0⤋
Yes, keep all your records safe because they have up to seven years to come after you in. It happened to me and I had the paid in full papers, made a copy circled paid in full in RED INK and mailed it to them. never heard any more about it.Write and ask wear to send the payments: but for now send no more.
2007-09-11 10:44:15 · answer #7 · answered by zipper 7 · 0⤊ 0⤋
Yes. Your obligation to them is an offset to their creditors. The bankruptcy trustee will contact you for your money. Count on that. No freebie.
2007-09-11 10:41:35 · answer #8 · answered by Steveo 5 · 0⤊ 0⤋
Yes.
2007-09-11 13:11:41 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Yes. Bankruptcy discharges THEIR debts to others, not your debt to them.
2007-09-11 10:35:07 · answer #10 · answered by Bill 6 · 1⤊ 0⤋