Legal Question in Credit and Debt Law in Texas

Charge Off

If an account was written off by the original creditor can

another lender sue for the balance? I was served a citation

on 05/06/06.

The last payment on this account

was in 2002.


Asked on 5/18/06, 10:44 pm

2 Answers from Attorneys
TC Langford Langford Law Office

Re: Charge Off

Yes. The original creditor can assign their rights under the contract to a subsequent party.

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Answered on 5/19/06, 6:52 am
Peter Bradie Bradie, Bradie & Bradie

Re: Charge Off

A charge-off is strictly a bookkeeping function, and not absolution of the debt. Your contract to pay can be sold to others.

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Answered on 5/19/06, 9:52 am


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