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  1. #1
    Join Date
    Feb 2013
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    12

    Default Do You List Charged-Off Debts When Filing Bankruptcy

    State-Commonwealth of Pennsylvania

    Help! (Again….)

    I don’t know what my current credit score is! I am too afraid to find out!

    I am facing charge-offs! I stopped making payments due to reduced hours at work. Yes, I have been seeking additional employment without much success!

    First Premier Bank
    Capital One Bank
    Amazon Card (Synchrony)
    Citibank CBNA (Wawa)
    Milesstone Visa
    Retail Card (Catherines)

    Listed below are my previous charge-offs! (From a few years ago)

    Barclays-Delaware September 2008
    Elastic Installment Loan November 2012
    (NCA collections)

    Dell Finanical September 2008
    DSNB (Macy's) January 2007
    Capital One July 2008

    First Bank of Delaware December 2010
    (CBCS collections)
    First Premier Bank September 2009
    GRERB-PayPal September 2007
    HSBC October 2007
    HSBC (LHR collections) October 2010
    HSBC April 2008
    Target September 2007
    Verizon Land Line November 2007
    Verizon Wireless January 2011

    If I decided to file a bankruptcy should I include my previous charge-off’s?

    I do have one joint credit card (which is closed) that is current! And my car loan is also current! Both of these are with my credit union!

    I am drowning! I don’t know to what to do?

    Suggestions? Comments? Advice?

    Thank you!
    Barbara

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Train Wreck of Debt

    Chargeoff means NOTHING to YOU. It is an accounting procedure the lenders use. You must include ALL your debts in your bankruptcy filing.

    You have two options:
    1. Bankruptcy (either chapter 7 or 11). Lawyers specialize in this and will guide you through (as they get paid off the top).

    2. Knuckle down and live responsibily. Get a new or second job. Sell things you don't absolutely need. While I don't agree with everything he says, you could use Dave Ramsey's debt strategy.

  3. #3
    Join Date
    Feb 2013
    Posts
    12

    Default Re: Train Wreck of Debt

    1-Knuckle down and live responsibily.
    I do! I do not live out of my means! I am currently work again!

    2-Get a new or second job.
    I have been looking for another for months! And still cannot find anything!

  4. #4
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Do You List Charged-Off Debts When Filing Bankruptcy

    Quote Quoting berberperry
    View Post

    Listed below are my previous charge-offs! (From a few years ago)

    Barclays-Delaware September 2008
    Elastic Installment Loan November 2012
    (NCA collections)

    Dell Finanical September 2008
    DSNB (Macy's) January 2007
    Capital One July 2008

    First Bank of Delaware December 2010
    (CBCS collections)
    First Premier Bank September 2009
    GRERB-PayPal September 2007
    HSBC October 2007
    HSBC (LHR collections) October 2010
    HSBC April 2008
    Target September 2007
    Verizon Land Line November 2007
    The statute of limitations for filing a lawsuit on debts in PA is 4 years so a lawsuit for all of those debts (except for Elastic) fail because the SOL has run out.

    The SOL on Elastic will run out November 2016, or earlier depending on when the default was. The charge off date is often several months later than the default date. Default is not the last payment you made on time, it's when you didn't make the next payment when it was due.

    Many of those debts from 2007 and 2008 are likely to have already fallen off your credit report.

    You would still have to list all those debts in your bankruptcy.

    Quote Quoting flyingron
    View Post
    :
    1. Bankruptcy (either chapter 7 or 11).
    I think you mean 7 or 13. 11 is for business. 7 discharges debts. 13 allows for partial or full repayment of debts over a 3 to 5 year period depending on ability to pay.

    Quote Quoting flyingron
    View Post
    Lawyers specialize in this and will guide you through (as they get paid off the top).
    They typically require the entire fee plus filing costs up front. The cost of bankruptcy averages between $1500 and $2000 depending on how much work the lawyer contemplates.

  5. #5
    Join Date
    Nov 2007
    Posts
    1,419

    Default Re: Do You List Charged-Off Debts When Filing Bankruptcy

    If the sol of is 4 years,if your sued that's enough proof to dismiss the case. It's 4 years from your last payment and 7 years for it to clear from your credit report. I would focus on the debt that is not past 4 years,the ones who are close to that,just hope they don't sue you. Why file bankruptcy if the debt is gonna off your report in 7 years,I would wait until a creditor or two sues you and get a judgement then consider filing.

  6. #6
    Join Date
    Feb 2013
    Posts
    12

    Default Re: Do You List Charged-Off Debts When Filing Bankruptcy

    Tom,

    That's what I was thinking! I am sure which is worse? Having current charge-off's? Or a Chapter 7?

  7. #7
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Do You List Charged-Off Debts When Filing Bankruptcy

    Quote Quoting berberperry
    View Post
    Tom,

    That's what I was thinking! I am sure which is worse? Having current charge-off's? Or a Chapter 7?
    What makes you think it's an either-or? You're likely going to have both on your credit history if you file bankruptcy. The bank is going to CHARGEOFF things that are discharged in bankruptcy. Further, they can CHARGEOFF those rendered uncollectable because of statute of limitations.

    Again, CHARGE OFF has no legal meaning to you. That's the lender's term for "we've given up ever being able to collect the debt." It doesn't, in itself, mean the debt is not collectable.

    The question as pointed out above is not CHARGEOFF, but whether the debts are still valid. If they are past SOL, you do not have to worry about them being collected from you, nor do you have to count them in bankruptcy if that's still on the table after you review all you remove your past-SOL debts from consideration.

  8. #8
    Join Date
    Nov 2007
    Posts
    1,419

    Default Re: Do You List Charged-Off Debts When Filing Bankruptcy

    Quote Quoting berberperry
    View Post
    Tom,

    That's what I was thinking! I am sure which is worse? Having current charge-off's? Or a Chapter 7?
    The chapter 7, I think it can be reported for 10 years. After 7 years the charge off is off your report,after 4 years they can't sue you for the debt if your smart about it. Manage your debt not the credit score.

  9. #9
    Join Date
    Feb 2013
    Posts
    12

    Default Re: Do You List Charged-Off Debts When Filing Bankruptcy

    What is the better choice?

    Bankruptcy?

    Debt counseling?

    Letting the debt charge-off? (About three months behind on payments)

  10. #10
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Do You List Charged-Off Debts When Filing Bankruptcy

    Just asking the same question over and over isn't going to get a different answer. Again, it's not an either-or. You go into bankruptcy with active (not yet beyond SOL) debts, they will still get charged off. The fact that you have not been paying them is already on your credit which is likely hopelessly trashed at this point anyhow.

    The other thing (other than your silly fretting about your credit report), is that you can still BE SUED for the debts that are not beyond SOL. A judgement from that is NOT going to expire in four or seven years... but TWENTY YEARS.

    By the way, given your general money problems and fiscal ignorance, debt counselling wouldn't be a bad idea.

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