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We have a similar problem. We have an open Montgomery Ward credit card account that can't be closed because the company is no longer open. I can give you some info we tracked down that may very well help you. As of June 30, 2003: The company that is managing the MW estate is: John L. Palmer, Certified Turnaround Professional, Managing Director. NachmanHaysBrownstein, Inc., "A Team of Leaders" 822 Montgomery Avenue Narberth, Pennsylvania 19072
610-660-0060 fax 610-664-7298 cell 215-527-8950 email: jpalmer@nhbteam.com
The credit card business was purchased by GE Card Services prior to the bankruptcy and isn't part of the estate. GE fax number for GE Card Services is 203-357-6712.
Hope this helps!
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∙ 8y ago
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Who is responsible for a corporation debt?
the corporation
Can a bankrupt company demand payment of debt?
Only if they cannot provide services to you that were paid for.
What is the status of subordinated debt?
When a company goes bankrupt a debt can go into subordinated debt. This means the subordinated debt has a lower priority than other debts. Typically this has a lower rating of credit.
Can you pay your debt to the original company if the debt has been passed to a credit company?
No because the original company has 'sold' the debt to the credit company or in other words the credit company has bought the debt account from the original company for less than what you owe. That is why credit companies keep chasing you to pay them.
What is a sentence for the word bankrupt?
Unfortunately, when the man talked to the teller at the bank, he said " Sorry Sir, but you have gone bankrupt." The CEO was unable to pay his debts, so the company went bankrupt.
A person who is unable to pay his debt?
bankrupt
What does bankrupt mean in a sentence?
"Bankrupt" means that a person or organization is unable to pay their debts and is legally declared insolvent.
Who is responsible for a corporation debt?
the corporation
If a mortgage company goes bankrupt can the company that bought them out legally collect on your old debt?
Yes.
What can you do for this debt collections company?
i can negotiate with customers who owe money to your company this helps them from going flat broke or bankrupt by doing this collections i will be a asset to your company and i will be profitable to this company . i can use my professional expertise to get customers to pay their bills so that they wont owe any more to your company by giving them a payment agreement making sure that if they cant afford to pay the full debt that they can pay what they have until the bill is fully paid for.
Can a bankrupt company demand payment of debt?
Only if they cannot provide services to you that were paid for.
Who is responsible for a corporation?
The corporation is responsible for the corporation's debt. Normally, there is a financial officer who pays the bills. If the corporation fails and goes bankrupt, people simply do not get paid. If the company is bankrupt and there is money, a judge appoints someone to pay according to a plan.
Does a person paying crimina restitution criminal to a company continue to pay if the company goes bankrupt and no longer exists?
You will still owe the restitution to SOMEONE. In any bankruptcy there is a receiver who handles the apportionment of debts and assets. Your restitution payment would be considered an asset to the bankrupt company and, unless the bankruptcy court discharged your debt, you would probably have to continue to pay the full amount due.
Does a lien hold if the company goes bankrupt?
unless it is written off by the court, it does. I would assume that it would be listed as debt by the party going bankrupt.
What is the status of subordinated debt?
When a company goes bankrupt a debt can go into subordinated debt. This means the subordinated debt has a lower priority than other debts. Typically this has a lower rating of credit.
Is disability pay considered in chapter 13 debt repayment?
If by "disability pay" you mean payments to the bankrupt debtor by his/her employer (or an insurance company), it would be considered income, just like regular wages. If by "diability pay" you mean a debt of the bankrupt debtor to a disabled employee, that would be a chapter 13 debt and would be paid under the same terms as other debts of the small class. A small amount of unpaid wages are considered priority debts which are paid before the ordinary debts of the bankruptcy estate.
Can you pay your debt to the original company if the debt has been passed to a credit company?
No because the original company has 'sold' the debt to the credit company or in other words the credit company has bought the debt account from the original company for less than what you owe. That is why credit companies keep chasing you to pay them.
