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If a bankruptcy was discharged on an account that was sold to another lender and the original creditor is marking it as a charge off should it be marked as bankruptcy by the original creditor?
Yes, this debt should have been marked as a bankruptcy by the original creditor. It cannot be changed from a bankruptcy to a discharge unless the bankruptcy did not go through.
Can you dispute a charge off account?
No. Once an account has been in default for 180 days, the creditor by law must list it as a charge off.
Can you rid charge offs on your credit report if that creditor was included in your bankruptcy?
The charge offs will remain the required seven years and should be noted as included or discharged in bankruptcy.
Can a creditor remove a charge off?
Yes, a creditor can remove a charge off from your account and your credit reports. Credit bureaus can also delete charge offs from your credit report if they are disputed and not verified.
If a creditor did not file during a chapter 13 and then it is discharged will you still have to pay them?
Your attorney is suppose to send a letter to the creditors asking if they would like to included on a the bankruptcy payment plan. The creditors have 30 days to respond. If they don't respond, then you don't owe them anything. Most likely they will charge it off as bad credit to the credit agencies.
How much will an attorney usually charge to reopen a discharged bankruptcy case to add a creditor that had been forgotten?
$300 include filing fee and attorney fee
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 the difference between pre-charge off and post-charge off accounts?
A pre-charge off is when the creditor is giving the debtor notice that the account is in default and will be sent to collections if a payment agreement is not made by a specified date. Post-charge off is when the account has been sent to collections, sold to a third party creditor or referred to a legal firm for further action.
What is the definition of the term 'charge off'?
The term "charge off" is used when a company or creditor clears a persons account due to lack of payment at loss to the company. No further charges can be applied to the account.
How can you remove charge offs yourself?
Valid charge offs and/or other negative information cannot be removed from a credit report until the required time limit has expired. Do not be mislead by companies claiming to "fix" consumer credit reports for a fee. All negative entries remain on the report for 7 years with the exception of a discharged or dismissed chapter 7 banruptcy which is 10 years and a discharged chapter 13 which is also 10 years. Actually, charge-offs can be removed prior to the tolling of the 7 year period, but only if the creditor agrees to do so. With most companies, you need a good reason - such as fraud.
At what point does a creditor decide to charge off an account?
The original creditor is required by law to charge off an account after a 180 day deliquency. In most instances the account is sold to a third party collector. The collection agency will continue collection procedures. If an equitable arrangement cannot be made with the debtor, the collector may refer the account to an attorney who may decide to file a lawsuit.
What happens if the creditor does not charge off a debt after a chapter 13?
Charge off is an accounting term referring to entries made on the creditors accounting books. His accounting makes no difference to the debtor.
