What is The Difference Between Discharge and Charge-Off in Debt
The bankruptcy "discharge" is a court order that the creditors who are owed money, cannot do anything to collect those debts from the debtor. If the debt is marked "charge-off" then the debt is still the consumer's legal responsibility, even if the creditor has stopped trying to collect on it directly.
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What Is The Difference Between a Will and Trust
Wills May Turn One's Heirs Gray! Think about who distributes the money: a network of accountants, lawyers, appraisers, administrators, trustees, executors and…the courts. When does one get their money? ‘After’ everyone else gets theirs ‘After’ all ...
Can A Debt Obtained By Fraud Be Discharged
No, fraudulent debts cannot be discharged. The US Supreme Court has held that § 523(a)(2)(A) of the Bankruptcy Code precludes a debtor from discharging a debt obtained by fraud, regardless of the debtor's own culpability.
What Practices Are Banned For Debt Collectors
Regarding harassing or abusive tactics, debt collectors may not: Use or threaten to use violence or criminal means to harm a person, their reputation or property; or Use obscene or profane language; or Advertise someone owes a debt; or Advertise a ...
Verification of Debt Requires Exact Accounting
This is not required for verification. Verification of a debt involves nothing more than the debt collector confirming in writing that the amount being demanded is what the creditor is claiming is owed; the debt collector is not required to keep ...
What Debts Are Covered
Personal, family and household debts are covered under the FDCPA. This includes money owed for medical care, charge accounts, credit cards and car loans. Business debts are not covered by the FDCPA.