Legal Question in Bankruptcy in Virginia

When a creditor has "Written Off" or "Charged Off" the debt according to your credit report, are you still legally liable for those amount?

I went to prison for 3 years. In the process, I got divorced and saddled with all the debt from my ex-wife. According to my credit report, all my debt has been written off or charged off, except one that said "Sold debt" or something similar.

Is my liability to those debt collectors the same as my obligation to the credit offerors?


Asked on 1/24/11, 10:36 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Charged off and written off are just accounting entries on the creditors' books to the effect that they can't report it as being a performing asset for accounting purposes, and so they can deduct it from accrual basis accounting. It is still owed (until the statute of limitations runs).

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Answered on 1/27/11, 3:46 pm


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