Are Charged Off Debts Still Collectible?

This is a common question, where someone’s come in to see me and they’ve reviewed their credit report and they see that they had a debt which indicates that it’s charged off. The impression that they have is that there’s no longer debt there or it’s no longer collectible.

Unfortunately, this isn’t the case. Charge off is just a status that’s given on a credit report when a debt has reached a certain degree of delinquency. It doesn’t mean that the debt’s gone away, and it certainly doesn’t mean that it’s no longer collectible.

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