Well, it finally happened. Spirit Airlines - the airline best known for making you pay extra to breathe near a window seat - has officially, permanently, ceased to exist. As of May 2, the scrappy yellow-and-black budget carrier stopped flying altogether and entered liquidation. Yes, liquidation. As in, someone is going to sell the beverage carts and call it a day.

According to Fast Company, Spirit is now in the process of selling off its assets to repay creditors, which is a very polished way of saying the whole thing is being disassembled for parts. That process could take months. Your problem, however, is considerably more urgent.

So what do you actually do right now?

If you had a Spirit flight booked, that flight is not happening. Full stop. The airline isn't rerouting you, isn't partnering with a competitor to save your vacation, and is not particularly concerned about your upcoming bachelorette trip to Miami. You are, as they say in aviation circles, on your own.

Your best immediate move is to contact your credit card company. If you paid by credit card, a chargeback for a service not rendered is your most realistic path to getting that money back. Don't wait - these things have time windows, and bureaucracy loves to eat latecomers alive.

What about Free Spirit points?

Bad news for the points hoarders among us. Spirit's Free Spirit loyalty program is gone along with the airline. Those points aren't transferable to another carrier, and there's no redemption portal waiting for you. They're basically digital confetti at this point - colorful, useless, and mildly depressing to look at.

Bags, vouchers, and other fun disasters

If you have outstanding travel credits or vouchers, join the long, sad queue of creditors hoping to see some money back during liquidation. Realistically? Don't hold your breath. Vouchers from a dead airline are roughly as valuable as a Blockbuster gift card.

For anyone with checked bags that were somehow still in Spirit's possession - that's a more complicated situation worth pursuing directly through the liquidation process or your travel insurance if you were smart enough to buy it.

The bigger picture

Spirit's collapse isn't exactly a shock. The airline had been hemorrhaging money and credibility for years, caught in a brutal squeeze between ultra-budget competitors and the basic economy offerings from major carriers who decided to out-cheap the cheap airline. It's a genuinely rough outcome for the airline's employees, who had nothing to do with the financial mismanagement above them.

For travelers, this is a reminder that the lowest fare isn't always the lowest risk. Sometimes saving $40 on a flight costs you a lot more in anxiety, chaos, and emergency rebooking fees. Spirit taught us that lesson one carry-on surcharge at a time - and now, apparently, one final time.