What is a Charged-Off Debt?
Struggling with debt is incredibly difficult under any circumstances, but it has been particularly difficult for many individuals and families in Illinois during the coronavirus pandemic. You may be dealing with frequent calls from debt collectors, and you might be considering Chapter 7 bankruptcy or Chapter 13 bankruptcy as an option. At some point, you might learn that the creditor has charged-off your debt, and you might assume that you are no longer responsible for paying the debt. Whether or not you are considering personal bankruptcy , we want to make sure you understand what charged-off debt is and how it can affect you. What Does it Mean if My Debt Has Been Charged Off? If you learn that a particular debt has been charged off, you should know first and most importantly that this fact does not mean that you no longer owe the debt. In fact, many charged off debts are sold to debt collection companies and other debt buyers, and you will likely continue to receive calls about th...