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Is tax debt released if it has been uncollectable for 10 years?
Ezal
Yes, it is released.
Wiki User
∙ 14y ago
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If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
Can a collection agency sue to collect an old debt?
If the debt has not been paid on in more than seven years than no. Otherwise yes.
Can your bank account be levied for a credit card charge off?
A charge off does not define the debt as invalid or uncollectable. It is a designation used by creditors to indicate the debt is being removed from their normal accounting methods and sent into collection action. If the creditor sues the debtor and receives a judgment (they always do) the judgment can be used as a levy against the debtor's bank account.
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
What happens to a collection account After 7 years to a collection account?
Typically, after 7 years, the debt becomes time barred. It would come off of your credit report. If you have had any contact with the creditor or collector within that past seven years, you could have re-affirmed your debt. This means the debt could start all over from that date, if you made any statements to the effect of being responsible for the debt in question. If it's been over 7 years, they can still attempt to collect from you, however you couldn't be sued.
In Kansas can a debt be returned to the original creditor after a collection agency has the debt?
yes it can, they usually return it when the debt is deemed uncollectable then they can transfer it to a attorney for possible suit.
What is the journal entry for 42000 dollars in uncollectable debt with an accounts receivable of 960750?
debit bad debts 42000credit accounts receivable 42000
If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
In all but seven years since 1938 what has the federal government been?
Has been in debt
What is the meaning of commercial factoring?
Commercial factoring is when a company purchases invoices and receivables, which are overdue or previously uncollectable, from another company. The purchasing company then makes attempts to collect the debt from the debtor.
What are charge offs?
Charge offs are accounts that have been written off by the creditor as uncollectable. The debt owed is still valid and can be collected on either by the original creditor or by a collection agency. You can only erase charge offs by disputing them to the credit bureaus or negotiating the removal by the original creditor.
In all but seven years since 1930 the federal government .?
has been in debt
When was The Debt released?
The Debt was released on 08/31/2011.
What happens when the person who held the loan dies and you are the cosigner and 18 years later they come after you but you are on disability and have no money or job hardship?
The advice you are seeking should be given by an attorney. You should contact a local legal aid society for help. However it would seem that the statute of limitations has caused the debt to be uncollectable.
What has been the trend of the public debt over the past 20 years?
To just keep borrowing more money money and raising the debt level even further into debt.
How long has the USA been in debt?
The USA has been in debt since its founding in 1776. Throughout its history, the country has accumulated various levels of debt due to factors such as wars, economic downturns, and government spending.
Can a collection agency sue to collect an old debt?
If the debt has not been paid on in more than seven years than no. Otherwise yes.
