What happens to the money I previously paid for an item that I placed on layaway after I miss a payment?

When placing items on layaway it is always important to get the merchant’s policy in writing, including how much time you have to make payments, the minimum payment, fees, and what happens if you miss a payment. There may be a penalty for missing a payment or the item may be returned to stock, it depends on the stores policy. Warning: if a store closes or files for bankruptcy you may lose all or a big portion of your payments as well as the merchandise.