Legal Question in Credit and Debt Law in New York
debt collection
when does an unpaid debt become a charge off.? is there a set amount of time??
Asked on 12/10/08, 1:31 pm
1 Answer from Attorneys
Frank Loscalzo
Law Office of Frank Loscalzo
Re: debt collection
There is not set time for a charge off.
At some point in time (for tax purposes) your creditor will claim the loan as a loss, that is what a charge off is.
Answered on 12/10/08, 2:28 pm
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