Legal Question in Credit and Debt Law in Virginia

What does "unpaid balance reported as a loss by credit grantor" on a credit report mean? I lost my job three times in three years and have been unable find employment for the last 6 months. I sustained an income of $70-$80K over the last 10 years, but my problem is not temporary anymore.

Does this mean the creditors took the loss? I am no longer receiving debt collection calls and all of my property is underwater. I have not filed bankruptcy, but did meet with an attorney. I qualify for Chapter 7.


Asked on 3/27/10, 10:38 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Yes, the creditor(s) took an (alleged) loss (or "wrote off"as it's sometimes termed) in the amount (unpaid balance)that was reported to the CRA's.

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Answered on 4/01/10, 10:58 am


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