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If you owe money to a bankrupt company, whether for a debt, line of credit, purchase, or any other past financial transaction, you are obligated to pay that debt even if the company in question files for bankruptcy. The fact that the company is bankrupt does not eliminate your debt, because the company’s financial status does not alter the status of your transaction.
→ Read MoreWhat is credit? There are three main types of consumer credit. Noninstallment credit, Installment Closed-End Credit, is the simplest form of credit and is usually for a very short term, such as 30 days. The buyer makes one payment at or before the end of the credit period. This kind of credit enables consumers to take possession of property immediately and pay for it within a short time. Many department stores offer noninstallment credit to their regular customers; this enables the store to make sales and get the money in the near future, thus generating better cash flow for the business than might otherwise occur.
→ Read MoreThe Truth in Lending Act (TILA), passed in 1968, is a federal law that regulates the credit market and sets minimum standards for the information that a creditor must provide in an installment credit contract. The Truth in Lending Act applies when businesses or individuals extend credit to consumers, when the credit is payable by written agreement in more than four installments, and when credit is subject to a finance charge.
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