The Plastic Merchant Bankruptcy Catastrophe Finally Ends
The Plastic Merchant bankruptcy story has finally come to an end. This has been an ongoing saga for numerous people. Here’s what we know about the end of the story.
Recap On The Plastic Merchant
The Plastic Merchant was a gift card reselling group that started bouncing checks and then fell off the face of the earth in the Spring of 2018. They strung out some truly unbelievable excuses until going silent. October 2019 rolled around, and they filed for bankruptcy in the Eastern District of Missouri. The documents showed that they owed huge sums to some people who would probably have difficulty coming out from under the amount TPM owed them. Remember to never float what you really can’t afford to lose when reselling.
The Final Chapter
As of July 7, The Plastic Merchant bankruptcy under Chapter 7 is closed. The debts were discharged, meaning creditors named in the documents can’t come after TPM for money owed. If you didn’t opt out of the proceedings, legally speaking TPM doesn’t owe you money now. This is what I expected to happen in the bankruptcy proceedings, and the case is closed.
The Plastic Merchant bankruptcy story dragged out much longer than it should have. Once they bounced a bunch of checks, I think everyone knew this day was coming. It just took longer to get here than expected. Gift card reselling is a favorite in this hobby, since it’s an easy way to increase spending and earn more points and miles.Remember to be wary of reselling groups where you do not personally know the people you’re working with. Don’t float money that you can’t afford to lose, especially not for long periods of time.