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usually a chare off happens after 7 years
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Do creditors list a charge-off on credit reports as of the bankruptcy filing date or as of the discharge date?
Creditors list the charge off date as the date the bankrupcty was filed
Is there a statute of limitations on how long creditors can collect on charged-off accounts?
Statute of limitations is a term that applies to how long a consumer can be sued to recover a defaulted debt. It has no bearing on collection activity. There is a separate time period for how long a charge off can show on your credit report. A creditor can attempt collection on an unpaid debt forever. It's just that after these two time frames have passed, their collection efforts have no "teeth".
If your charge-offs are two years old is it better to wait five years for your credit to clear or file for bankruptcy?
Are the charge off creditors taking collection action? Bankruptcy should be a last resort always. If creditors are harrassing you, but you make enough to pay some of the obligation, make a settlement offer to get them off your back. If they are not trying to collect, the charge offs will remain on your report wether or not you pay them, so if all else is ok financially with you, just leave them alone. If you are trying to buy a house, though, your prospective lender may require you to pay them off in full since they are not aged accounts.
What is the effect of liquidation on creditors?
When a company liquidates, creditors generally receive less money than they owe. Creditors will have to write off the balance, so that their books can balance.
Can a creditor sell an account charge off and still list a balance owed?
the original creditors claim should drop off and the CA claim stay. Double?? Likely, the unterest and fees are building up. Try to settle this somehow. They WILL deal.
Can creditors classify an account as a charge-off because it was included in a chapter 7 bankruptcy?
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
Do creditors list a charge-off on credit reports as of the bankruptcy filing date or as of the discharge date?
Creditors list the charge off date as the date the bankrupcty was filed
Are creditors compelled by law to report a settlement account as a charge off?
The account will be reported as "settled in full / was charged off"
Is there a mandatory charge off time for a open end account?
Yes, creditors usually charge off 180 days after the first missed/delinquent payment. Yes they usualyy do but is there a law which mandates a charge off after first delinquent payment?
What happens if the creditor does not charge off a debt after a chapter 13?
Charge off is an accounting term referring to entries made on the creditors accounting books. His accounting makes no difference to the debtor.
What is a charge-off on your credit report?
Charge off is a shortened version of "charged off to profit and loss". This is an internal accounting term for activity creditors take on defaulted accounts. For a consumer's purposes charge off = collection account. This is a defaulted debt that shows as a derogatory account on your credit file.
Can a collection agency report and collect a debt that is shown as a charge off from another creditor?
Yes. When creditors charge off accounts they send them (or sell) to a collection agency. The collector can request the debtor's credit report show that the account has been turned over for collection procedures.
Is there a statute of limitations on how long creditors can collect on charged-off accounts?
Statute of limitations is a term that applies to how long a consumer can be sued to recover a defaulted debt. It has no bearing on collection activity. There is a separate time period for how long a charge off can show on your credit report. A creditor can attempt collection on an unpaid debt forever. It's just that after these two time frames have passed, their collection efforts have no "teeth".
Can you use the house you inherited as collateral to pay off creditors the estate owes to pay them off?
Yes, this can be done. There may have to be a new mortgage before the property can change hands.
If you interview a person and do not hire them how long do you have to keep their application?
until you get all of the personal info off of it and give it to creditors and sales clients
How long does it take to charge off an account?
The charging or writing off of a debt is only a required accounting entry by the creditor. It does not effect you, or change the amount you owe, or that you owe it. It does not change any of the legal methods to force collection that were available before making the entry. It does not change any of the creditors rights, or change your obligation in it. The debt is NOT forgiven. All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
How long does a consumer have to wait to charge off an account?
The charging or writing off of a debt is only a required accounting entry by the creditor. It does not effect you, or change the amount you owe, or that you owe it. It does not change any of the legal methods to force collection that were available before making the entry. It does not change any of the creditors rights, or change your obligation in it. The debt is NOT forgiven. All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
