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If I owe money to a company that is filing bankruptcy and the company is going out of businesswill I still owe the debt?
Wiki User
∙ 15y ago
Sorry, yes! You just now owe it to the people they owed money to, ie: the banks and the courts. Basically, your debt to them is an asset those they owe want! The companies filing bankrutpcy only allows IT to maybe get the right to not pay IT'S debts. It doesn't excvuse you from your obligations one drop. In fact, those others - the creditorsof the BK company, will have the backing of the court to make sure youpay, as one of the courts main jobs is to find, preserve and make sure the assets of the bankrupt are distributed to those it wants to have it.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoYes you will. The company's accounts receivable (that's you) will be collected to pay their outstanding debts.
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This means that a company is on the verge of bankruptcy and if something in the company doesn't change, that there is a definite chance of going bankrupt.
Can you own your own business while going through bankruptcy?
Depends on the type of bankruptcy you are filing. Generally a personal bankruptcy does not effect your business, and vise versa. However, if your business is filing bankruptcy, a Chapter 11 reorganization will allow you to stay in business.
If your truck was repossessed and damaged and you were going to file bankruptcy do the reposessors have to return it to you and then you can file and stop the repossession?
no no, it's up to the company if they want to let you keep it or not, some of them think that if your'e filing BK then your'e not going to pay them.
Where can one find information about filing for bankruptcy online?
There are several websites which offer information on the subject of bankruptcy. Some of the most popular include Going Bankrupt, Nolo and Legal Match.
What happens to a loan if a finance corporation files for bankruptcy?
Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.
What companies will underwrite homeowners insurance while under bankruptcy?
What company will insure you when in chapter 13 if you home is not covered in the bankruptcy. If you have current insurance and the company is going out of business.
What is the difference between a company going bankrupt and getting bankruptcy protection?
One and the same...going bankrupt means they have legally asked for protection under the bankruptcy laws.
What are the advantages of going bankrupt?
"The advantages of filing for bankruptcy are that if bill collectors are calling all of the time, they aren't legally allowed to call you anymore."
Is Keystone Automotive Operations going bankrupt?
No, in 2011, the company avoided the bankruptcy process
Is hostess brands going out of business in the future?
The parent company is in bankruptcy and it is possible that they will go out of business.
Where can someone erase credit card debt without going into bankruptcy?
There is no legal way to erase credit card debt without filing for bankruptcy. If this was possible, then the inventor would be extremely rich, and no-one would have any debts.
If I filed for bankruptcy months before my house was going to go into forclosure & the bankruptcy was complete,then my house was just about to go into forclosure can I still apply for the Obama mrtge relief plan even though I listed my house in the bnkrpc?
Yes, you can still apply for Mortgage Relief after filing bankruptcy.
