I have a bank endorsed credit card for Bank of America. What happens if they go bankrupt? Do I still have to pay back the money that I owe on that credit card? What about people who have a mortgage through a bank? Do they have to continue to pay it even if the bank has gone under?
Bank of America is in good financial health despite the stock price. BofA is going nowhere anytime soon.
If you had a mortgage or credit card account with a bank or lender that went out of business, the assets of that firm would be acquired by another bank or financial group and you would be notified to send your next payment to them, or they would send you a new coupon book for your mortgage payments.
Debts do not get wiped out or forgiven because a firm fails. That has never been the case, and it never will be the case.
the end of the world
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yes its taken over by another bank
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im pretty sure you do, since the bank filed for bankruptcy.. they would try and get their money.
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Yeah, BoA will "sell" your debt to another company. That company will make sure you pay off your debt.
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your debt would be sold on too recover some of the lost money
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idk lol
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yes of course
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It will be taken over by another bank. Bank of America is FDIC insured as well. The government will bail them out if they are close to bankruptcy. You still have to pay your loans and/or Mortgages.
BoA is one of the banks that is doing rather well in this economy though.
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you will still pay your share as usual to the buy
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Bank of America is in good financial health despite the stock price. BofA is going nowhere anytime soon.
If you had a mortgage or credit card account with a bank or lender that went out of business, the assets of that firm would be acquired by another bank or financial group and you would be notified to send your next payment to them, or they would send you a new coupon book for your mortgage payments.
Debts do not get wiped out or forgiven because a firm fails. That has never been the case, and it never will be the case.
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personally, with the experience I’ve had with b of a i’d tell them to take
the cards & shove ‘em. unfortunately you’re legally bound to honor
your debt, both your credit cards & mortgage.
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Yes and yes. They have either sold the business to some other entity or there are in ‘receivership’ until the bankruptcy is settled. Either way you will continue to owe whatever debts you had from the original bank.The only difference you will see is when you wrote out your check to another company.
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