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"Charged Off" is an accounting term applicable to the accounting for (that is the charging the loss that is being taken against income - reducing income) by the one who gave the credit.
As it is entirely something by the creditor, it doesn't effect the debtor (you) or the bankruptcy (or what you actually owe) in anyway.
What else can I help you with?
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.
Can a HELOC that is charged-off by the lender be included in a chapter 7 bankruptcy?
It has to be included in a bankruptcy filing. A charge-off is a tax break for the lender. It has nothing to do with whether the debt is still owing.
If the child support is retro does it matter if the father file for bankrupt?
Child support debt cannot be charged off in a bankruptcy.
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 better to buy a car with a horrible credit history or wait until a bankruptcy is discharged?
Wait until the bankruptcy is discharged. Dear Lord, yes, wait until the debt is discharged! Otherwise you will get stuck with horrendous interest rates which, even if you can afford the resulting inflated monthly payments, will take forever to build any positive equity in the vehicle. And remember that a discharged debt is not the same as a charged-off debt...you will still owe a charged-off debt.
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.
After a debt has been charged off can a third party start collection on the debt 2 years after the debt was charged off?
Yes, because all that charged off debt is just charged off by the original lender, not for the entire world. They will sell it for some amount of money to collections agencies in orde to get something and write off the balance of the debt on their taxes as a loss which you have to in turn enter charged off debt as income unless you pay it back. The collection agency starts the process all over and the seven years starts all over too, to infinity and beyond...It never goes away unless it is legally disccharged off through cp 13 or 7 bankruptcy unless is a student loan, federal IRS debt, child support, judgment, etc...
What is the difference between debt settlement vs bankruptcy?
There is a subtle difference between debt settlement and bankruptcy. Debt settlement allows a person to pay off some of their debt with their creditors. Bankruptcy claims do not result in payment of the debt. Either practice creates bad credit scores for the consumer.
Should you file bankruptcy if most of your debt has been charged off?
Filing bankruptcyI may be wrong on this, but my understanding is that "charged off" simply means the creditor has written the debt off (as in written it off as a loss on their taxes, or turned it into their insurance company as a bad debt, etc.) but in no way affects the collectability of the debt. I suspect if they later collect on a charged off debt, they have to claim the money they receive as income on their taxes since they wrote it off earlier. I may be wrong about this though... I definitely don't think that "charged off" means "forgiven," though. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
If you have about 50000 of credit card debt that is 10 years old and you have not filed for bankruptcy does the debt still have to be repaid?
It depends on if the debt has been charged-off. Typicall after a debt is charged-off the original creditor has a specific time period depending on the state in which the debtor reside to file suit to obtain a judgment in order to force the repayment of the debt. If the time period mentioned above elaspes without the creditor filing suit then typically the answer would be that the debt does not need to be repaid. However, if you made partial payments to the creditor after the charge-off date you have started the clock over on that time period and the creditor get another chance. The best thing to do is contact a bankruptcy attorney for all the detail concerning the specifics of you particular situation.
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
Can a medicail bill for a veterains hospitail be charged off in chapter 7 bankruptcy?
Medical bills can be discharged through a bankruptcy.
