Bankruptcy and Charge-Offs
By L. Jed Berliner, Springfield Bankruptcy Attorney on Apr 15, 2008 in Bankruptcy Myths, Benefits of Bankruptcy, Collection Issues, Consumer Protection, Debt Collector Abuses, Massachusetts
You can still file bankruptcy on a charged-off debt. Any statement otherwise violates federal law and can put money in your pocket. Please, PLEASE, immediately write down all details of the call and contact your attorney.
I must repeat the February 15, 2007 post of my colleague, Susanne Robicsek. A charge-off is a creditor’s accounting entry for the IRS to recover on a bad debt loss. It does not affect your obligation to pay. In fact, only a bankruptcy can change your obligation (or, rarely, a successful negotiation or litigation, or a statute of limitations) - the exact opposite of what you were told.
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