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CITI GROUP Possible Chapter 11

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JamesKim
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CITI GROUP Possible Chapter 11  Reply with quote  

I've been consistently reading the news on CNBC, Bloombergs, and other sources and the topic of CITI GROUP bankruptcy was brought up. As sources stated, it's very well possible that Citi Group will file Chapter 11. Now if they happen to go Bankrupt they will join with Lehman and Wamu as the biggest institution to fail. What would happen if you have loans with Citi group and they happen to go bankrupt? Are you still liable to pay the debt back? My assumption is no reason being is because the entity no longer exist. I believe that Citi group is more of toxic bank in comparison to the rest of the banks in the U.S. Many of them have improved from the March 9th lows, but not Citi.
Post Thu Jul 16, 2009 3:26 am
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coaster
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The entity may no longer exist, but the assets still do. A loan is carried on their books as an asset. Some other entity will be charged by the bankruptcy court with servicing the loans under their disposition is determined, then it will eventually belong to some other entity.

Ahem. James. A CPA should know this. Laughing

~Tim~
Post Thu Jul 16, 2009 5:35 am
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JamesKim
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haha. hey I'm still studying for the CPA, still much more to go
Post Thu Jul 16, 2009 10:18 am
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sirmikey1
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Not much to learn: Corporate jets, platinum parachutes...

Mikey
Post Sun Aug 02, 2009 1:59 am
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