Consumption and Real Estate
What happens when the bank goes bankrupt? Do you still have to pay back your debt (mortgage, credit cards)?
Question : What happens when the bank goes bankrupt? Do you still have to pay back your debt (mortgage, credit cards)?
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?
mortgage credit
Best answer:
Answer by Name L
the end of the world
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.