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Why does your credit report have chargeoffs when you have paid all the creditors off?
in most cases your original crediter, say sears, charged off your account and then turned it over to a collection company. the collection co bugged you and you paid the amount owed. in this way you did pay in full but prior to paying in full Sears charged it off as a bad debt. the collection company got 50 60% of the total amount you paid.
What happens to charged off debt in chapter 7 bankruptcy if you refinance mortgage?
This confuses two different concepts. A "charge off" is an accounting and tax term that means the creditor does not believe a debt is going to be repaid. It gives the lender a tax deduction. A discharge in bankruptcy is a permanent injunction against a creditor taking any action to collect a debt, including debt collection agencies or successors/purchasers of a discharged debt. Assuming the refi of the mortgage happens after discharge, nothing happens. If the refi happens while a c 7 or 13 is still pending, and lowers the mortgage payment, and has been approved by the bankruptcy court, it could affect how much you have to pay to the trustee.
Can you settle a charge off with the finance company?
yes Whether a debt is "charged off" or even discharged by a bankruptcy court, the debtor has the option of repaying the debt anyway. This is how many business reorganize their finances. The file for bankruptcy, have debt discharged but negotiate with the creditors after the bankruptcy to pay down the amount(s). That way the company can stay in business and also keep it's credit rating up.
Is there a statute of limitations on how long creditors can collect on charged-off accounts?
Statute of limitations is a term that applies to how long a consumer can be sued to recover a defaulted debt. It has no bearing on collection activity. There is a separate time period for how long a charge off can show on your credit report. A creditor can attempt collection on an unpaid debt forever. It's just that after these two time frames have passed, their collection efforts have no "teeth".
What is a charged off loan when connected to Chapter 13 Bankruptcy?
A charge-off is a tax-related matter and has nothing to do with bankruptcy. The debt is still owed.
Is it illegal to not tell creditors that you have filed Bankruptcy?
You don't have a choice. You list all of your creditors and the court notifies them of the filing. If you deliberately omit a creditor from the list you can be charged with a federal crime and, more seriously, denied a discharge or have your discharge (as to ALL creditors) revoked.
Can creditors classify an account as a charge-off because it was included in a chapter 7 bankruptcy?
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
What is meant by the phrase charged off in bankruptcy cases?
It means the debt was written off as a result of a bankruptcy discharge, so it cannot be reported as income in a 1099 to the debtor. A write-off is a business deduction for the lender.
Is it legal for a collection agency to purchase an account that has been discharged in Chapter 7 and report it as a charged off account?
As a general rule, "No". You need to be certain that the debt was actually discharged in the bankruptcy. If so, you should contact the attorney that handled the BK and have them forward the necessary information to the collection agency. Or you can send the documents yourself (COPIES of the discharge, etc.) and send them by registered mail to the agency.
What is the usual action of credit card company's toward nonpaying creditors?
Well after 6 years of not paying a dime to household bank the account has been charged off and the collection company is sueing me.
Why does your credit report have chargeoffs when you have paid all the creditors off?
in most cases your original crediter, say sears, charged off your account and then turned it over to a collection company. the collection co bugged you and you paid the amount owed. in this way you did pay in full but prior to paying in full Sears charged it off as a bad debt. the collection company got 50 60% of the total amount you paid.
What do solar flares discharge?
Solar flares discharge radiation and charged particles.
Are you liable for a car loan if the owner files bankruptcy and the car was charged off?
That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).
What happens to charged off debt in chapter 7 bankruptcy if you refinance mortgage?
This confuses two different concepts. A "charge off" is an accounting and tax term that means the creditor does not believe a debt is going to be repaid. It gives the lender a tax deduction. A discharge in bankruptcy is a permanent injunction against a creditor taking any action to collect a debt, including debt collection agencies or successors/purchasers of a discharged debt. Assuming the refi of the mortgage happens after discharge, nothing happens. If the refi happens while a c 7 or 13 is still pending, and lowers the mortgage payment, and has been approved by the bankruptcy court, it could affect how much you have to pay to the trustee.
Can you settle a charge off with the finance company?
yes Whether a debt is "charged off" or even discharged by a bankruptcy court, the debtor has the option of repaying the debt anyway. This is how many business reorganize their finances. The file for bankruptcy, have debt discharged but negotiate with the creditors after the bankruptcy to pay down the amount(s). That way the company can stay in business and also keep it's credit rating up.
Lightning is an electric discharge between a positively charged area and?
It is not a rising of air mass, It is caused by an unbalance in the atmosphere; which an eletric discharge is taking place.Lightning is an electric discharge between a positively charged area and a negatively charged area.a rising air mass
What would you see if something is charged?
static discharge
