When a company charges off your debt, they are not expecting repayment and are selling it to a CA, correct? If so, then I'm a little worried. I found out after I filed that one acct had been charged off the month before I filed. Even if this debt was sold to a CA, I'm not liable right? I have not received notice from a CA and none appears on my credit report but I just have this feeling that one is going to show up in the next couple of months trying to get payment.
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Filed Pro-se: 01/18/06
341 meeting: 02/14/2006
Objection Deadline: 04/17/06
Discharge: 06/13/2006
Closed: 06/21/2006
Credit cards
06/25/06, reopened a Discover that I closed before my bk, $1500 limit
July 2006, Target Redcard $200 limit
August 2006, Hooters MC $1750 limit -
Although this CA doesn't appear on your CR's, it is possible that it can show up. I don't think that you would be held liable - particularly if you were a no asset Ch 7. In a no-asset case no one got a dime so then that would me that this CA would not be eligible for a money too. If you were an asset case, then things get sticky especially if creditors received $$ already and then an old CA who was omitted pops up wanting a piece of the pie. Then the trustee would some how have to somehow ask for the $$ back from the creditors in order to redistribute the money. This what I have read.
sbb
Originally posted by krobin02Hooters MC: $1700
First Premier Platinum MC: $450
Orchard Bank MC: $300 Juniper Visa :$600
Target Card: $200 Capital One:$1500 -
If you listed the OC, that's good enough.
It's not unusual for companies to sell bk debts to collection agencies for a fraction of a penny.
If one contacts you, just give'em the filing number and tell them never to contact you again.Comment
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No. A charge off is an accounting term used by businesses for tax purposes.Originally posted by krobin02
It is a requirement for banks to accurately list all assets and liabilities. Credit that is extended to you is listed as an asset. Federal banking laws require that if the account is past due, that it be "charged off" and no longer carried on the books as an asset.
Many creditors will charge off a debt, but not sell it to a CA. Instead, they just move it to in-house collections.
If the debt was included in your Bankruptcy and was discharged, you probably have nothing to worry about.Originally posted by krobin02NOTE: I am not a lawyer...any advice I give is for entertainment purposes only. Legal questions should be directed to competent counsel. I am just a troll. Or a Toad.Comment
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