0
Can a creditor who has issued a 1099C for forgiven debt collect the remaining balance?
Tricky answer but you should be able to understand. If they did issue a 1099C for the debt, then they shouldn't then try to collect the balance. However, the debt maybe sold to a third party or third tiered debt organization who are generally hardcore and will ground and pound you on the phone. This shouldn't happen b\c now you will pay tax on the debt. However, like everything else in life there are always cracks and many of them. It will take 7 years from the time the last payment was made on the debt to be erased from your credit report. Don't worry about lawsuits either, although some states have a noticibly longer "statute of limitations" the only real way for them to sue you is if you are a property owner or have something to be made liquid. Hang in there.
What else can I help you with?
Can you get sued over an unpaid credit card balance?
Yes. It doesn't matter how much the account balance is, it only matters if the creditor can collect the money owed after wining a lawsuit
Is there a limit to how long a creditor can try to collect a debt in England?
it was that if the creditor had not tried to collect within 7 years it was expired
Can a creditor become an administrator of an estate?
Yes, they can. Often a creditor will file for an estate so they can collect their money.
What if a creditor is not on your credit report but trying to collect a debt?
You must pay all of your legitimate debts. A creditor is not required to report a debt to a credit bureau in order to collect the debt you owe.
On a repossion can the IRS collect for the bank?
No. But any debt that is forgiven is taxable as income.
Can the creditor garnish your wages for the balance of the loan owed to them after they sell the vehicle?
With FEW exceptions, YES. that is the lenders usual option to collect.
Can you get sued over an unpaid credit card balance?
Yes. It doesn't matter how much the account balance is, it only matters if the creditor can collect the money owed after wining a lawsuit
Is there a limit to how long a creditor can try to collect a debt in England?
it was that if the creditor had not tried to collect within 7 years it was expired
How can you find out if a debt has been written off?
The term "written off" does not mean the debt has been cancelled/forgiven. The term indicates that the original creditor will no longer continue to collect the debt in the usual manner. The debtor will receive a notice from the original creditor of whatever further action will be taken with the account.
Can a creditor become an administrator of an estate?
Yes, they can. Often a creditor will file for an estate so they can collect their money.
Do have have to pay a title loan back even if they re-posses the vehicle?
They will try to collect the balance remaining after the sale if any difference left over.
What if a creditor is not on your credit report but trying to collect a debt?
You must pay all of your legitimate debts. A creditor is not required to report a debt to a credit bureau in order to collect the debt you owe.
If your car is repossessed in Arizona can they collect any deficiency or is the debt forgiven when they take possession?
The debt is NOT forgiven. See link below. ArizonaRevisedStatutes
On a repossion can the IRS collect for the bank?
No. But any debt that is forgiven is taxable as income.
Can the creditor continue to collect after a 'Motion For Relief Of Stay' is granted?
Yes.
How long does a creditor have to go after someone to collect a medical bill in Ohio?
I believe in Ohio a medical creditor can attempt to collect a bill for 7 years. However, they can hold onto the account as long as they decide.
Can a US creditor collect on an unpaid credit card when the holder lives in Europe?
No
