What is a charge-off and why can’t I wait it out instead of filing for bankruptcy?
A charge-off is just the removal of a debt from the accounting records of that particular creditor. THIS DOES NOT MEAN THAT YOUR CREDIT SCORE WILL NOT BE DAMAGED FROM A CHARGE-OFF OR THAT ANOTHER CREDITOR WON’T COME ALONG AND PURCHASE THE ACCOUNT AND CONTINUE TO COLLECT FROM YOU. We have had clients come to us that have had debts that are 15 years old and have long been removed from their credit report and are stunned to receive a collection notice or law suit for that debt.
Lee Abt is an Experienced Bankruptcy Lawyer in New Jersey - Call Today!
856-914-5100