Legal Question in Credit and Debt Law in Michigan

a bank is coming after me for a debt that was "charged off" and 1099 was sent to IRS and taxes were paid on debt


Asked on 2/12/15, 5:07 pm

1 Answer from Attorneys
Andrew Campbell Andrew L Attorney at Law

Charged off is an accounting term used to move a bad debt on a balance sheet from an asset to a liability. It doesn't mean that a debt is not owed.

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Answered on 2/12/15, 5:11 pm


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