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What happens when a business is owed money by a company that files for bankruptcy?
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∙ 6y ago
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When a company files bankruptcy what happens to the union contracts?
They can be changed by the Court.
What happens to your wage garnishment when the company files bankruptcy?
your wages still garnished
What happens if car dealership files bankruptcy how do you pay for vehicle?
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
How does a client get their money back if the business files for bankruptcy?
It depends on the chapter they filed and the financial state of the company, most likey not, that is why the filed for bankruptcy, they have no funds.
What happens if a co signer files bankruptcy?
They both go bankruptcy
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
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 happens to home warranties when a home builder files Chapter 11 Bankruptcy?
Gone unless someone buys his business and assumes debts and obligations.
What happens when a business starts filing bankruptcy?
When a business files for bankruptcy it basically means it can not repay the debts it owes to creditors. Generally a trustee will sell remaining assets and pay off creditors. The exact rules of what happens depends on what type of bankrupcty that is filed. In US for example there are Chapter 7, Chapter 13 etc.
What happens if you have a workmens comp claim and the company files Chapter 7 bankruptcy?
Your claim is most likely covered by a WC insurance, either a prvate policy the employer had or one with the State. As such, your claim should be unaffected by the Bankruptcy.
What happens to your ticket when an airline files bankruptcy?
Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.
What is a bankruptcy review of plan?
A bankruptcy plan review occurs?æwhen a business or individual files for bankruptcy. All parties involved will review the suggested plan for settlement.
