IS A “CHARGED OFF” DEBT STILL COLLECTABLE?

IS A “CHARGED OFF” DEBT STILL COLLECTABLE?

If you have a debt that has been “charged off” this means that your original creditor has written your debt off their books. However, this DOES NOT mean that you are not responsible for the payment of the debt. Creditors often sell individual debts to third party collection companies whose business is debt collection.  The collection company will first contact you in an attempt to collect the debt and if unsuccessful will take further actions such as filing a lawsuit and obtaining a judgment. After a judgment is entered, the creditor has the power to garnish wages, seize assets, or assert a lien against your property.

If you are uncertain whether or not an “old debt” is still valid, you should pull a credit report to obtain the date of your last payment to each creditor to determine whether the time has expired for the creditor to collect against the debt.   If you are dealing with a creditor pursuing a debt that has been “charged off” or old debt and want to evaluate whether or not the debt is valid feel free to contact me to discuss your options.

Married or Separated – How to file for Bankruptcy without your Spouse

Tampa Bankruptcy Attorney Gina Rosato Whether you are married or separated, you can still file for bankruptcy on your own. There is no requirement that your spouse file for bankruptcy.

Chapter 7 or Chapter 13 Bankruptcy?

If you are married and maintaining the same household, then the trustee will consider your joint income to determine if you are over the median income qualifications for a Chapter 7 bankruptcy or to determine what you are financially able to repay in a Chapter 13 bankruptcy.

If you are separated and maintaining separate households, you expenses should also be listed separately.

Contact Gina Rosato Law Firm, P.A. to discuss your Bankruptcy Options

Come speak with me regarding whether Chapter 7 or Chapter 13 bankruptcy maybe right for you and your spouse.

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