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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Company in Chapter 11
If I've ordered something and a company goes chapter 11 - am I out of luck?
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Posted 10/18/05 12:52 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Boobobunny
Live in the Present
Member since 5/05 3572 total posts
Name:
Dannielle
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Re: Company in Chapter 11
it takes awhile for the paper work to go through and for it to be finalized...so you may not be....if it was just filed.
sometimes...such as in the case of airlines the gov't will step in to try to avoid the co going bankrupt...or to urge another co to take over the failing co....this is what happens to banks
but once everything is finalized....there really is nothing you can do...there are rare occasions that your $$ will get returned...this happened to me when my insurance co went bankrupt...they sent me a check back for about 6 months worth of insurance, because they would be unable to provide coverage.
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| Posted 10/18/05 12:58 PM |
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Marybeth222
My Girls!
Member since 5/05 2688 total posts
Name:
Marybeth
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Re: Company in Chapter 11
Not sure but I love your avatar picture. Too cute.
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| Posted 10/18/05 1:03 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Company in Chapter 11
It was Levitz - and they've just filed. I just rec'd a 2nd letter indicating a delay in shipping my furniture.
I'm so aggravated. I had a $3K merchandise credit for the past year & never got around to using to sooner. We just ordered in Sept. AND the only reason we have the merchandise credit was bc my son wrote on my couch, loveseat & ottoman and the stain company couldn't get it out. So several letters threatening legal action, they coughed up the entire cost of all of the furniture & let us keep it. I guess if I even get a chair out of it, I should consider myself lucky.
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| Posted 10/18/05 1:20 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Company in Chapter 11
Posted by Marybeth222
Not sure but I love your avatar picture. Too cute.
Thanks!
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| Posted 10/18/05 1:21 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Company in Chapter 11
Chapter 11 is reorganization. It allows the company to get itself in a better position and to come out of chapter 11 a stronger company. The goal of Chapter 11 isn't for the company to go out of business but to help it get back on it's feet. Remember K-Mart was in chapter 11 for a while before it came out of it and merged with Sears.
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| Posted 10/18/05 1:31 PM |
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Shelly
She's 7!!!
Member since 8/05 14624 total posts
Name:
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Re: Company in Chapter 11
Posted by shamrock12472
Chapter 11 is reorganization. It allows the company to get itself in a better position and to come out of chapter 11 a stronger company. The goal of Chapter 11 isn't for the company to go out of business but to help it get back on it's feet. Remember K-Mart was in chapter 11 for a while before it came out of it and merged with Sears.
This is 100% correct. I do some bankruptcy law and a chapter 11 is basically meaningless- unless they owe you $. Almost every big company from Toys R Us and Barneys to Delta have gone into Chap. 11. You have nothing to worry about. If they go into Chap. 7, that means they are liquidating.
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| Posted 10/18/05 1:54 PM |
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