Legal Question in Credit and Debt Law in Georgia

Yes.

Charged off is a creditor's term for "DEADBEAT." It is used to trash your credit history for seven years and warn others about you. It also allows them to treat the loan as nonperforming on their books. Usually the next step is that they will sell it to a junk collector who will probably sue you, and then you'll face garnishment and other consequences.

Instead of waiting to be hit with a 2 x 4 you either want to pay your debts, or, if you can't, see a lawyer BEFORE they sue to determine a strategy, be it bankruptcy or otherwise.