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Old 01-04-2009, 08:52 AM
 
26,669 posts, read 40,690,994 times
Reputation: 14782

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Will my gift cards lose their value in a bankruptcy?

What happens if I put down a deposit for furniture and the retailer goes belly up before it's delivered?

Can I still return my product to a bankrupt retailer?

How can I protect myself if there is a bankruptcy?

Store Bankruptcies Can Burn Shoppers


click on the link for the answers and more about this issue!
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Old 01-04-2009, 09:25 AM
 
48,509 posts, read 86,254,134 times
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Basi9cally you casn't. Had thsi happen to me once and you can file with the court but you are way down the line and will get nothing most likely.
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Old 01-04-2009, 10:59 AM
 
339 posts, read 1,405,155 times
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Ha - Interesting that if you have a gift card from a bankrupt store (meaning someone paid them money that essentially is owed to you in the form of a good) it's likely lost... BUT if you owe them money on a store credit card they will report you to credit agencies and hire bill collectors if you don't pay up. While I am not advocating not paying your credit cards bills or anything like that, this still seems to be a bit of a double standard on the surface at least. I'm sure it's not a clean cut as I am making it out to be.
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Old 01-04-2009, 01:09 PM
 
Location: Orlando, Florida
43,857 posts, read 45,554,548 times
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What a great idea to post this information bentlebee!
My kids got a few gift cards for Christmas. I suggested they use them immediately.
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Old 01-04-2009, 07:40 PM
 
16,308 posts, read 25,590,611 times
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Quote:
Originally Posted by GloryB View Post
What a great idea to post this information bentlebee!
My kids got a few gift cards for Christmas. I suggested they use them immediately.
My family saw the writing on the wall months ago, and there were no store gift cards given this year. Cash for local friends and family (in lieu of gift cards) and VISA gift cards for those we mailed. Plus if the recipient needs $50 worth of groceries more than they need something from Best Buy, then all the better.
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Old 01-04-2009, 07:48 PM
 
3,722 posts, read 4,721,353 times
Reputation: 4751
  1. Quote:
    Originally Posted by bentlebee View Post
    Will my gift cards lose their value in a bankruptcy?
  2. What happens if I put down a deposit for furniture and the retailer goes belly up before it's delivered?
  3. Can I still return my product to a bankrupt retailer?
  4. How can I protect myself if there is a bankruptcy?
Quote:
Originally Posted by bentlebee View Post
Store Bankruptcies Can Burn Shoppers


click on the link for the answers and more about this issue!
  1. Use the gift card as soon as you hear about the bankruptcy. I did this with Circuit City.
  2. Use a credit card for all major purchases, including a down payment. Ask that a chargeback be done once you've determined that you will not get your funiture. You have a window to do a chargeback, I believe it's either 6 or 9 months from purchase.
  3. Once they are in liquidation I don't believe they accept returns. Thoroughly evaluate any major purchases from a liquidating business and if you bought your item before liquidation, quickly determine if you want to keep it or not and then take it back before the stores change their policies from going concern to liquidation.
  4. See above
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