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How many years is it when a debt is null and void and cannot be collected?
Wiki User
∙ 13y ago
The law varies from state to state in the US. It could be as little as two years or as long as 8. And the time from which it is measured varies, usually from the last acknowledgment that it is a valid debt.
Wiki User
∙ 13y ago
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Can debt collectors collect on a debt after it has been charged off?
AnswerThe term "charge off" indicates the original creditor has removed the debt from their balance sheet as uncollectible from the borrower. This is misleading however, as the debt may remain it must be validated according to the FDCPA should it come back in some other type of collection activity and subject to collection by means of an agency working for the OC or a third party that purchases the account. Also be aware that there are times that the debt is also used as a tax loss by a creditor then cannot be collected at a later time as the collector would then obtain unjust enrichment by obtaining two bites from the same apple. To determine this would require due inquiry by a process to validate and verify the debt. Remember no debt is not to be deemed valid unless validated and verified. It is surprising how many debt collectors do not have the original documentation that can actually be used in a court of law for collection purposes. Many of the debts must be wiped off your credit report if it cannot be lawfully validated and verified. If the debt cannot not verified and validated by the debt collector and the collector continues collection activity you may have grounds to sue the creditor and possibly the credit reporting agency pursuant to the Fair debt Collection Practices Act.
What percent of your tax return can be garnished?
100% can be garnished and for as many years as it takes to repay the debt.
How many years back can you claim for the real property tax credit?
Property tax credit, or any type of tax return or credit, can typically only be claimed within the first three years of the relevant year. Unfortunately, there isn't any statute of limitations the other way around, and property taxes can still be collected after many years.
Can debt collectors collect on a debt after it has be charged off?
Yes, A charge off simply indicates that the debt has been written off the creditor's account as uncollectible. The debt can then be sold to a collection agency for pennies on the dollar. The 'buyer" of the debt will then pursue collection action by whatever means is allowed by the laws of the state where the debtor resides. Such action would be phone calls, letters and in many instances a civil suit for the debt owed.
Does interest accrue on a Charge Off?
As discussed many, many times here; Charging off or Writing off a debt is a required accounting entry. It is how the one you stiffed, shows the asset it was to receive (the money you we're to pay), and it expected or had already recorded as income, will not happen, and instead it has an expense, or a loss. It does not forgive the debt, relieve the debt, excuse the debt, say they won't try to continue collecting the debt, etc...it just says that it is a bad debt. For the company doing the accounting, one of the points of charging off an account is to say it is no longer a productive asset.....so they cannot accrue interest on their books...because its to a dead beat and it can't reasonably be expected to be received. (Also, under many circumstances, they would have to pay taxes on just recording the accrual of interest they expect to earn. They wouldn't mind paying the tax, if they actually might earn something). The one who owes, still gets charged interest on the debt they still owe. they also normally get charged all the costs incurred in collecting the debt. Accounting entries done by the one they owe money to does not change any of their obligations.
How many years are you responsible for a debt?
There is no specific amount of years that you are responsible for a debt. This depends entirely of the terms of the debt.
How many times has Obama raised the national debt ceiling?
The President cannot raise the debt ceiling. Only Congress can do that.
Can a credit debt be collected after 7 years?
Excellent question! The answer is YES! A debt can only be reported for seven years on your credit report, and then, by law, it must fall off your report. But this has nothing to do with the viability of the debt, which remains collectible, theoretically forever. However, once the debt passes the state statute of limitations, the collector may no longer sue to collect the debt. At this point, many collectors will write off the debt, and issue the debtor a 1099 form for the debt as income. Recent changes to the IRS tax laws make this more likely to occur. Once this happens, the debt is null and void, as it has been forgiven by the collector.
Can a debt be collected after 7 years?
Excellent question! The answer is YES! A debt can only be reported for seven years on your credit report, and then, by law, it must fall off your report. But this has nothing to do with the viability of the debt, which remains collectible, theoretically forever. However, once the debt passes the state statute of limitations, the collector may no longer sue to collect the debt. At this point, many collectors will write off the debt, and issue the debtor a 1099 form for the debt as income. Recent changes to the IRS tax laws make this more likely to occur. Once this happens, the debt is null and void, as it has been forgiven by the collector.
In debt again how many years do you have to wait?
7
How many years in prison if you debt 10000?
I think your in trouble buddy
How many years of prison if you can't pay a fine for copyright?
Depends what country it is. In the UK, being in debt is not a crime, one cannot be sent to prison due to being unable to pay a fine.
Spend Less With Debt Consolidation?
When your debt has collected over the years and become too large to handle, it can also become too complicated and muddled to even make sense of. It is times like these when you should consider debt consolidation. Debt consolidators are agents who will take all of your debt, no matter how scattered it is, and attempt to consolidate it all into a single large sum that you pay off over time. They can do this through negotiations with the companies, in the case of credit cards, or more frequently through a loan. In essence, the consolidators will pay off the debt you owe, and then you will pay only the debt consolidation agency. This has many advantages. Not the least of which is that you will stop accruing late fees on overdue balances. Another advantage is that you may have a lower monthly interest rate and save money over time. If you have multiple overdue bills and you feel like you cannot make sense of your debt, it may be time to call a debt consolidation agency.
How many cups arsenal collected from 2000 to 2010?
They won 7 cup in those years.
The data used for the climograph of San Diego CA. was collected over how many years?
idl
Can debt collectors collect on a debt after it has been charged off?
AnswerThe term "charge off" indicates the original creditor has removed the debt from their balance sheet as uncollectible from the borrower. This is misleading however, as the debt may remain it must be validated according to the FDCPA should it come back in some other type of collection activity and subject to collection by means of an agency working for the OC or a third party that purchases the account. Also be aware that there are times that the debt is also used as a tax loss by a creditor then cannot be collected at a later time as the collector would then obtain unjust enrichment by obtaining two bites from the same apple. To determine this would require due inquiry by a process to validate and verify the debt. Remember no debt is not to be deemed valid unless validated and verified. It is surprising how many debt collectors do not have the original documentation that can actually be used in a court of law for collection purposes. Many of the debts must be wiped off your credit report if it cannot be lawfully validated and verified. If the debt cannot not verified and validated by the debt collector and the collector continues collection activity you may have grounds to sue the creditor and possibly the credit reporting agency pursuant to the Fair debt Collection Practices Act.
How many years do you have to pay a debt management plan?
A debt management program usually takes 4 to 5 years to complete. The length, of course, will depend on the total amount of debt, specific creditors and whether extra funds can be sent as you reach financial stability.
