Legal Question in Credit and Debt Law in Texas

Writeoff

If a bank writes off a loan for a vehicle and I had to report this loan to the IRS as a write off do I get the title to the vehicle and if so how do I go about it


Asked on 3/26/05, 9:45 pm

1 Answer from Attorneys
Sharon Campbell Sharon K. Campbell

Re: Writeoff

You can't "write off" a debt which you owe. Just because the bank writes it off doesn't mean you don't owe the money. "Writing Off" is an internal accounting procedure of the bank. So No, I do not see any way to get the title to the vehicle. I am assuming the vehicle was repossessed and what is at issue is the deficiency.

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Answered on 3/28/05, 7:41 pm


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