Legal Question in Credit and Debt Law in Texas

When an account has been charged off or unpaid balance reported as a loss by the credit grantor, can the sue you for the balance?

Asked on 2/24/11, 4:30 pm

2 Answers from Attorneys

Donald McLeaish McLeaish&Associates;, P.C.

GREED is a quick way to years behind bars...

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Answered on 2/24/11, 6:06 pm

Charles Williamson Charles J. Williamson, Attorney At Law

Yes, they can. The "charge-off" is concerned with accounting and getting bad debt off the books. Just because they charge it off doesn't mean that the debt goes away. This is why you find credit collection agencies who buy up charged-off debt for pennies on the dollar and then try to collect on the debt.

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Answered on 2/24/11, 8:44 pm

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