What happens when a dept store goes bankrupt and you have a credit card with a balance with them?

Question

Do you still continue paying it?

Answer 1

Yes.  Someone will be keeping track of their receivables regardless of the bankruptcy.

Answer 2

Yes more than likely the debt will be purchased by another company or a "debt purchaser" then you should be notified how to continue paying the account.  But just keep on paying as normal.  Oh and just because a company files for bankruptcy doesn't mean they are going out of business...they can just be "re-organizing and restructuring" their debt.

Answer 3

Yes, you must.

The debt will be owed to either the store, its creditors, or another company who buy's the accounts. Either way, you still have to make timely payments to avoid bad marks on your credit score.

Answer 4

Yes.  The debt still exists.  It doesn't vanish just because the lender filed for bankruptcy.

Answer 5

You betcha.