Legal Question in Consumer Law in Arkansas

Credit rights of Consumers.

I was just wondering if a company goes out of buiness and you have an outstanding balance on your charge account are you still required to pay that bill?


Asked on 1/22/04, 4:23 pm

1 Answer from Attorneys

Harvey Harris Harris Law Firm

Re: Credit rights of Consumers.

Usually, yes. The company usually does not completely close their books when they quit operating their business. They may still be collecting debts, or they may have sold your note to a collection agency. You need to look at your bill to see exactly who and where you are paying. I would call the number on the bill, if you are paying on a regular business. If you wait until your bill comes in each month to pay, you might wait and see what it says. But your debt usually does not just go away.

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Answered on 1/22/04, 10:29 pm


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