I don't think that a single company with a million customers closing down is gonna bring the economic system down with it.

Isn't this what some folks have said needed to be done anyway? Let the companies fail that are going to fail?

I've never had an Advanta card but I do seem to recall that they were or are a place that specialised in higher risk, higher rate credit cards? They took a chance, made what I'm sure was plenty of profits for a while and now they get to pay their own creditors 65 cents on the dollar for their debts. Sweet deal. Given the loan shark type behaviour on the part of some credit card issuers it sounds like they're getting a much better deal than they probably ever offered their own customers.