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The accounts and contracts held by the dealership will be acquired by the creditors of the dealership. Any debts owed to the dealership will then be owed to the new holders of those contracts. Typically, those creditors will turn them over or sell them to a consumer finance company that specializes in servicing consumer loans.
Bottom line: you still owe the money, you just owe it to someone else, now.
What else can I help you with?
What happens to my money if my bank goes bankrupt?
If your bank goes bankrupt, your money is typically protected by the government up to a certain limit, usually around 250,000 per depositor per bank. This means you should still be able to recover your funds, but it may take some time and paperwork to do so.
If a collection agency goes bankrupt how does someone find out who owns the debt?
Even if the collection company goes bankrupt, you still owe the bank whatever money you borrowed from them. The bank hires the collection company to get that money, so you still owe them
Can you still hold your personal alcohol license if you are made bankrupt?
I was made bankrupt on June 6th this year 2008 i already held a personal licence can i still use it
What happens to your warranty when a company goes bankrupt?
If the Bankrupt company is just the retailer then the warranty is still covered by the manufacturer. If the manufacturer goes bankrupt then the retailer covers the warranty. The seller is responsible for a warranty. Clearly if the seller is the manufacturer and they go bankrupt then it's most unlikely that the warranty will remain in force.
Can you still owe money after your car is repossessed and you are bankrupt?
You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.
If i received a refund of 13000 can i still file for bankrupt?
Sure. You can file for BK regardless of how much money you have or have coming.
What happens to my loan if a bank goes bankrupt?
If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
What happens to variable annuities when the insurance company goes bankrupt?
Generally, when an insurance company goes bankrupt, the guarantees that are being offered on the contract are gone. For instance, if you have a death benefit, or a income guarantee, those will usually be lost. As for the money you've invested in the variable annuity, if your money is invested in the sub-accounts (the various investments that are usually managed by mutual fund management whose names you will usually recognize), that money is still being managed by those companies, and is separate from the now bankrupt insurance company. That is the long way of saying, your money in the sub accounts is safe. However, if you have money in the fixed interest account, that is usually held by the insurance company, and that money may be in jeopardy.
If you have credit debt and that institution files bankruptcy do you still have to repay?
Yes. The bankrupt institution will pass your debt to its creditors that it owed money to.
What happens if your bank goes to bankruptcy and you owe money to them?
You still owe money.
What happens to a loan if the bank that issued it goes bankrupt?
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
What happens to a bank loan when a corporation goes bankrupt?
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
