For example, my mortgage is through JP Morgan Chase. Do credit cards and mortgages and such just get wiped out? Or do they demand people pay their balances all at once? Or does another bank buy them out and the debts are transferred? How does all of that work?
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Depending on the type of mortgage, it might be owned by Sallie Mae or another organization like mine is. The bank where I took out the mortgage just handles the payments on their behalf. And as already mentioned another bank would probably buy them out.