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What else can I help you with?
Will an unpaid charge off eventually be waived?
A charge off is an account that the creditor has decided not to collect on. When they are listed as a charge off, that does not mean anything to you except a ding on your credit report. You are still obligated to pay the debt. What usually happens is a third party debt collection agency will make arraingments with the original creditor to come after you. This can be a double dip on your credit report because the original creditor might list it and the debt collector might list it also.
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.
What happens when a creditor turns the debt over to a collection agency after Chapter 13 is filed and payments have begun?
When a creditor turns a debt over to a collection agency after Chapter 13 has been filed and payments have begun, the collection agency is typically required to cease collection efforts due to the automatic stay provided by the bankruptcy filing. The creditor must also adhere to the terms of the Chapter 13 repayment plan, which may include specific treatment of the debt. If the collection agency continues to pursue the debt, it may violate the bankruptcy court's protections, potentially leading to legal consequences for the creditor. The debtor should inform the court and their attorney about any such actions.
Can a creditor report you as late to the credit bureaus after you file Chapter 7 but before the debt is discharged?
No.
Can a creditor come after you 8 years later after a chapter 13 has been discharged?
If the debt was discharged in the BK, no.
Can a cosigner take over a charge off?
A cosigner cannot take over a charge-off directly, as a charge-off is a classification that a creditor uses when they deem a debt unlikely to be collected after a period of non-payment. However, the cosigner is still legally responsible for the debt, and the creditor may pursue them for payment. If the primary borrower defaults, the cosigner may need to work with the creditor to settle the debt or negotiate a payment plan.
What are charge offs?
Charge offs are accounts that have been written off by the creditor as uncollectable. The debt owed is still valid and can be collected on either by the original creditor or by a collection agency. You can only erase charge offs by disputing them to the credit bureaus or negotiating the removal by the original creditor.
If a debt was held exempt from chapter 7 but was not reaffirmed do you still have to pay?
Yes. The debt remains valid and collectible by whatever means the creditor chooses to implement.
What is the meaning of the phrase 'charge-offs'?
The phrase "charge-offs" is the announcement by a creditor that an amount of debt is unlikely to be collected. This process often develops when a consumer becomes severely delinquent on their debt.
Is it illegal for a creditor to sell your debt?
No, it is not illegal for a creditor to sell your debt.
Can you personaly be sued for unpaid debt when your chapter 13 was dismissed?
Yes, you can be sued for the original debt, minus any money the creditor received during the 13 plan.
If you've settled a debt with a credit collection agency can the original creditor buy back the account and try and charge you again?
No ... you have the proof that the debt was settled.
