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If the original creditor wrote off the debt do you still list the creditor in Chaper 7?
Krisepooh
Sure.
The "writing off" is only a term for the accounting entry on the creditors side...that their books recognized you were a bad debt. They don't forgive the debt by doing so...they just change it from being an asset (money to be received), to a loss.
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∙ 16y ago
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In Chapter 7 do you list the original creditor or the one who purchased it or both?
The one who purchased it...thats the one you owe. In your case...the original creditor took the asset of a receivable and sold it to someone for less than it's face amount...recording a loss for the difference...the amount they wrote off. Now the owner of those rights has a receivable from you and you owe them.
If your original reported year was 1999 and it was written off in 2004 what does that mean?
In 1999 your balance was past due. In 2004 the creditor determined that you where not going to pay and wrote it off as a total loss. Not a good sign.
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Can a collection agency sue you for money in any state How can they do that if the original company wrote it off Is this legal?
When you default on some debt, the original creditor writes it off. When they write it off, they usually sell it to collection agency. Since the collection agency bought it, it becomes theirs. If they try to collect and you don't pay, they can sue you. Learn your rights by reading up on the FDCPA.
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