Hi Colleen,
Although I am certainly not an Orchid expert, I will say that as long as there are some live roots (probably what you are noticing as buds) and the leaves are green then there is a very good chance for recovery.
I would delicately take the plant out of the bark potting mixture and just check if there are some live roots. If there are a tangle of dead roots then carefuly remove some of them. Repot with some fresh bark potting mixture and water. The method I find best is to dunk the whole pot into a sink of warm water and let the bark mixture become saturated. Remove and drain. Your Orchid probably doesn't need more that a weekly dunking. I've missed waterings and mine are very forgiving.
As for light location I have about 8 plants sitting on a plant stand by an East facing patio door. They rebloom for me and grow leaves quite nicely.
It is also helpful if the temperature of your house drops down at some point ie. over night or during the day. I can't remember exactly but I think 65 degrees to 80 degrees is what a Phalaenopis likes.
Orchids also tend to start to rebloom with changes in daylight. I find our Canadian location is great for this. I can always look forward to the first weeks in January as our days get longer for flower spikes to show.
I'm sure you can find lots of information on growing Orchids on the web or in books. I find them very low maitenance and now have to restrain myself everytime I see one to buy.
Good luck
