Do I still need to pay? I purchased a sofa from Levitz and they went bankrupt?

Question

Hi

I purchased a sofa and warranty from Levitz and did a finance through their bank.

Levitz went bankrupt, do I still need to pay the complete ammount?

Please advice

Answer 1

Yes, you still have to pay. Continue as you have in sending the money. The loan is still financed through their bank.

You still have the sofa don't you? I would contact them and see who will honor the warranty though.

Good Luck!

Answer 2

Yeah, bankruptcy doesn't necessarily mean closure of everything. Also debts are frequently bought by other entities and so, you can be sure that if you stop paying some collection agency would be calling you. The unpaid amount would still be reported to the credit agencies and would go against you and you don't to ruin your credit.

For instance I had a credit card that was through DMBA, then it was bought and is now under Bank of America.  

Answer 3

Yes, of course you have to pay.  The finance contract has nothing to do with Levitz going bankrupt.  

Answer 4

You will be hearing from whoever bought out Levitz's accounts when they went under.

And yes they will expect you to pay.