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Absolutely, a charge off does not affect the validity of a debt. The issue of the account being referred to a collections attorney or law firm may indicate that the creditor has decided to file a lawsuit or enter into arbitration action to recover the debt.

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โˆ™ 2006-03-18 17:49:56
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Q: When a defaulted secured loan is charged off and the property isn't repossessed but the account is turned over to an attorney do you still have to pay the loan?
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When a car gets repossessed can they keep the personal property that was in the car?

If you take your personal property before the vehicle is picked up, you can keep it. If you voluntarily turn in the vehicle you get to keep anything you want. If they have to hunt it down and tow it off, you're just out of luck. They'll throw away anything that was in it and if someone picks it up, it's theirs.This is not true.. The creditor must account for all personal belongings found in a repossessed car.. The below answer came from the following site... http://www.fair-debt-collection.com/searches/repossession.html"What happens to personal property left in my car?Personal property does not apply to improvements made to the car, such as a CD Player, stereo or luggage rack. It only applies to items not connected to the vehicle. The creditor or whoever repossessed the car CANNOT keep or sell any personal property found inside. If the creditor or whoever repossessed the car cannot account for personal property left in the vehicle, you may be entitled to compensation and should consult with an attorney"


What happens to personal property left in a repossessed vehicle in Washington?

A creditor may not keep or sell any personal property found insidetje car. This does not include most improvements made to the car, such as a stereo or luggage rack. If your creditor cannot account for valuable articles left in your car, you may be entitled to compensation and you should consult with an attorney. IN Georgia you have 30 days to remove any personal property Left in a repo.


Can you face foreclosure due to a charge off?

No, a "charge off" is a term used by credit card companies and other unsecured creditors to indicate that the account has been defaulted and collection procedures will be implemented. A foreclosure is the act used by a mortgage lender to recover property when the mortgage contract has been defaulted upon.


What happens after your creditor has sent your account to an attorney?

The attorney gives you some time to pay, then gets a judgment and uses the other legal options(garnishee wages, attach property, bank accounts).


Can an attorney levy your bank account?

An attorney can get a court order to levy your bank account or your wages.


Does an escrow account also cover any needed repairs on a new home?

No. An escrow account is held specifically for real estate taxes and homeowner's insurance. And in some cases can be used by the lender to offset defaulted payments, (depending on the contract and state property laws).


Without a will in place how do you go about accessing the money in the account of a deceased parent?

If the account is solely in the name of the parent you must seek some advice at probate court. If the account is the only property in the account and the amount is small perhaps your state has a fast track method for you to have the authority to access the account. If there was other property the estate must be probated in order for title to the property to pass to the heirs at law. In that case you need to contact an attorney who specializes in probate.


How do you access bank account during a divorce?

Ask your attorney.Ask your attorney.Ask your attorney.Ask your attorney.


What can you do if a credit card issuer is planning to sue for an account that was never charged off or reported to the credit bureaus?

Any creditor/lender may file a lawsuit against a defaulted account at any time. The account need not be designated a charge off nor be reported to credit bureaus before litigation can be pursued. The best choice is for the debtor to seek advice from an attorney who is qualified in creditor and debtor issues (bankruptcy attorney). Most attorneys offer a free or minimal fee consultation to discuss the options. If the debtor chooses not to seek legal advice, he or she should research the laws of their state to discover what personal and real property can be exempted from creditor attachment.


In MI can a parent be liable for a joint car loan account defaulted by their child if the parent knew nothing of the account and never signed an agreement or made a purchase?

No


Lets say - Judge Judy awards the plaintiff x amount of dollars for winning their case. I would like to know how does that plaintiff get paid. Does the plaintiff have to deposit the money into Court?

NO your Money will be deposited into a escrow account by your attorney. An escrow account is an account that your attorney name and your name is on that account. To make any withdrawal from tha account have to made by your attorney. You can close that account once that attoney receive their cost. but to close that account you are basically firing or relieving that attorney.


What does it mean that someone has power of attorney over a bank account?

It means that they are authorized to handle that transactions of that account. It is a limited power of attorney for a specific purpose.


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.


If the original credit card issuer sells a defaulted account can the purchaser of that account obtain a judgment against the debtor account holder?

Yes. Once an account has been sold it becomes the property of the collector/collection agency that buys it. The collector can then file suit against the account holder debtor for the amount owed and if a judgment is awarded against the debtor it can be enforced in whatever way allowed under the laws of the debtor's state to collect the debt that is owed.


Do i need to set up an estate account for my father if he owned no property or home?

Consult a probate attorney in your area. In most states, there is an 'express' form if there is no real property involved. But there is also a requirement to allow all of the debtors to make their claims.


Can you be a joint owner on a bank account the beneficiary and the power of attorney on your mother account?

You can have a joint account with your mother. You do not need a Power of Attorney to manage the account because it belongs to you as the co-owner. You do not need to be listed as the beneficiary on the account because it belongs to you as the co-owner.A Power of Attorney would empower you to act on your mother's behalf in all her business and legal matters except writing her will. You should consult with an attorney if your mother is thinking of doing some estate planning. The attorney could review her situation and explain her options.


When does an estate attorney send a formal accounting to the beneficiaries?

Generally, when the attorney is getting ready to close the estate she/he will file a final account with the court. The beneficiaries should receive some form of assent to the account and/or release of demands along with a copy of the account. Each will need to sign the assent/release and send it back to the attorney. The attorney will file the account for allowance along with the assents/releases. When the final account has been allowed the estate is closed.


Can you still write checks on an account that includes your name after your mothers death with a durable power of attorney?

If you are one of the account holders, yes. You do not need a power of attorney to do so. Also a power of attorney expires on the death of the grantor.


If your car is about to be repossessed is it too late to make your account current with the creditors?

No, it is probably not too late. It certainly will help your credit either way. Call them immediately. Do not allow it to be repossessed if at all possible.


My car was not repossessed but the account was charged off what can happen?

Will be repossessed, be patient. You either pay off, or pay off. No longer able to make payments. They will repossess the car and sue for the difference. Sorry.


Can power of attorney open or close a bank account?

no


Can husband use wife's checking account without her permission?

No. Only the owner/holder of the checking account can use the account. Even the spouse of the account holder cannot use it. In case the spouse wishes to use it, they should either be a joint holder of the account or should have a legal power of attorney to do so. Even in cases where the wife is dead, her husband as the legal heir to her property can use the account.


Can a person who has power of attorney over a trust account change that account into a joint account?

no In order to change the account you must be the Grantor of the Trust.


Can assets of the people you live with be seized if you declare bankruptcy?

Perhaps. If the filing party is on a deed for real property or joint bank account with the others that property might be "frozen" until the amount each party is entitled to is proven. It will depend on what the property is and how it is titled. If this is the issue it would be advisable to consult a bankruptcy attorney.


Can a power of attorney and proprietor both operate an current account?

Yes. Both the owner/proprietor of a bank account and the person to whom they have given power of attorney can operate a bank account. Actually a person with power of attorney is as good as the person (in legal terms) itself and so they both can operate the bank account without any issue.