OK , thanks Tango! I think I get it now - you get the refund because the credit card company is a secured creditor. So this would not apply to no-shows at hotels and cruises that file bankruptcy. It is not a strict "you don't pay for services not received" rule. My new question is, if you buy your ticket *after* the airline has already filed, does this still apply? And does it matter if you purchase through an agent? My aplogies if I am making this thread too technical, I would just like to make sure I understand and also it is good for travellers to know where they stand in situations like this. Thanks for your help.