what is a chargeoff?

Discussion in 'Credit Talk' started by mike kamer, Feb 7, 2001.

  1. mike kamer

    mike kamer Guest

    what is a chargeoff?
  2. jamie

    jamie Well-Known Member

    If you don't pay a debt in full the company writes it off to profit and loss. This usually happens after 90 to 120 days delinquent.
  3. John Shimm

    John Shimm Guest

    Note that you are STILL liable for the debt, up until the statute of limitations on the debt runs out. If they obtain a court ordered judgement within the SOL, you're basically liable forever.
  4. Marie

    Marie Well-Known Member

    As long as they renew the judgement. In Ga it's renewable every 7 years or it pretty much disappears. If it's a sizable amount, count on them renewing always which means it's there til you die. (or file ch7) or pay it off, of course.
  5. sheron

    sheron Guest

    What is the SOL in Florida?

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