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Buying Flights - What if airline goes BK?
03-12-2020, 04:49 PM
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#1
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Full time employment: Posting here.
Join Date: May 2013
Posts: 609
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Buying Flights - What if airline goes BK?
There are some fabulous, cancellable flight options available currently. Does anyone know what happens to your money, and ability to get where you're going, if you buy tickets, and then the airline goes bankrupt prior to your flight?
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Saved 8 figures by my mid-40's as a professional bubble-spotter. Beware...the Fed creates bubble after bubble after bubble.
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03-12-2020, 04:53 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,903
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As I recall, when Braniff went belly up, you were SOL. I surmise you would be on the lowest level of claims in a Bankruptcy.
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If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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03-12-2020, 05:03 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Northern Ohio
Posts: 3,182
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Quote:
Originally Posted by CardsFan
As I recall, when Braniff went belly up, you were SOL. I surmise you would be on the lowest level of claims in a Bankruptcy.
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DW was on a trip when Skybus went belly up. The credit card she bought tickets with refunded her money.
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03-12-2020, 05:05 PM
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#4
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Dryer sheet aficionado
Join Date: Mar 2020
Location: WAXHAW
Posts: 36
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Your fare is an unsecured loan... and if they go BK you may have to pay again to get where you want to go. Not long ago the UK government tried to rescue stranded travelers after Thomas Cook went pear shaped, but no help at all for those not yet embarked.
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03-12-2020, 05:25 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,337
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If you pay direct you are an unsecured creditor, which means you may get some or (unlikely) all of your money back sometime in the distant future when the BK is settled.
If you pay with a credit card, the card issuer should refund your payment fairly quickly.
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03-12-2020, 05:25 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,031
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You know what would be the cherry on top. Mother nature wreaking havoc with rains and floods. Didn't I read this in a book somewhere once?
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Time > $$$ ~ 100% equities ~ FIRE @2031
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03-12-2020, 07:08 PM
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#7
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Administrator
Join Date: Apr 2006
Posts: 22,973
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Quote:
Originally Posted by Dogpeace
Your fare is an unsecured loan... and if they go BK you may have to pay again to get where you want to go. Not long ago the UK government tried to rescue stranded travelers after Thomas Cook went pear shaped, but no help at all for those not yet embarked.
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11 U.S.C. Sec 507(a)(7) gives a priority of up to $2775 for consumers who have paid a deposit for goods or services not delivered by the debtor. So, your claim comes after secured creditors, administrative expenses and certain higher priority claims, but its is not as bad as a general unsecured creditor.
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Living an analog life in the Digital Age.
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03-12-2020, 07:10 PM
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#8
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Administrator
Join Date: Apr 2006
Posts: 22,973
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Don't forget the frogs, flies, gnats, locusts, etc.
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Living an analog life in the Digital Age.
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03-12-2020, 08:12 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,821
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I usually have already drunk them even before I pay for them.
-ERD50
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