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This makes me wonder... what happens if you open a Sears card (yesterday) and max it out with all kinds of fun stuff and then Sears goes out of business? Does s
by Sargos 8y ago
This makes me wonder... what happens if you open a Sears card (yesterday) and max it out with all kinds of fun stuff and then Sears goes out of business? Does someone come after you for money?
- Sahhaese 8y agoYour debt is an asset, it'll just be sold to someone else. Debt gets bought and sold all the time, you don't typically notice because you don't have to change who you're paying directly.
- monochromatic 8y agoThe trustee in bankruptcy could sell that debt to a collection agency.
- bluGill 8y agoYes, debt collection is big business and someone will happily buy your balance for the privilege of getting you to pay it to them.
- jonknee 8y agoSears doesn't actually do the financing for their credit card, it's a Citibank product.
- anoncoward111 8y agoWhile the others who responded to you are correct, there is a chance that they wouldn't be able to prove that you owed the debt properly somehow. Of course this is a pretty dumb risk to take, even if you were able to resell the valuable items you bought like TVs, tools, and jewelry