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What was resold if the debt was written off and what is the statute of limitations?
Wiki User
∙ 19y ago
Original creditors write off defaulted accounts so they can claim them as a loss for taxation purposes. The debt is sold for literally pennies on the dollar. In most cases the third pary collector can collect the entire amount of the original debt and sometimes any applicable fees. The SOL for Arkansa is 5 years. All SS benefits are 100% exempt from attachment by creditors. There are many other exemptions that protect specific property from creditor action.
Wiki User
∙ 19y ago
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