Legal Question in Bankruptcy in Illinois

What happens when a credit card company goes bankrupt?

We have a credit card that just went bankrupt. My question is about what happens to the money I send to pay off my debt. If they have claimed bankrupsy, then why when their debt is written off, do I have to continue to pay?


Asked on 9/02/02, 1:37 pm

1 Answer from Attorneys
Lawrence A. Stein Aronberg Goldgehn Davis & Garmisa, LLC

Re: What happens when a credit card company goes bankrupt?

You still owe the money, and should send it to the address indicated from time to time. A corporation, such as a credit card company, does not get a discharge of the debts it owe others, and no bankrupt entity gives up its right to collect debts due to it. Thus, you still must pay.

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Answered on 9/03/02, 9:34 am


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