Am I still responsible for a charged-off debt?

Q: Am I still responsible for a charged-off debt?

Yes, you remain responsible for a charged-off debt. A charge-off indicates that the creditor has given up on collecting the debt for accounting reasons, but it does not eliminate your legal obligation to pay. The creditor can still pursue collection efforts, and the debt may still impact your credit report.

Full question:

If an old credit card bill has been charged off as a bad debt and is coming off my credit report soon am I still responsible for the full amount? As a charge off have they collected some money back from their insurance? I am not trying to get out of paying my debt I have little income and want to take care of what I can.

Category: Debts and Credit
Subcategory: Credit Repair
Date: 04/07/2025
State: Tennessee

Answer:

If the debt is not barred by the statute of limitations, they can still pursue the debt.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Are you still responsible for the debt if there is a charge-off?

Yes, you are still responsible for a charged-off debt. A charge-off means the creditor has written off the debt as a loss for accounting purposes, but it does not erase your obligation to pay. The creditor can still attempt to collect the debt, and it may be sold to a collection agency. If you do not pay, it could lead to further legal actions.

Am I still responsible for a charged-off debt?

How long before credit card debt is uncollectible?

The time frame for credit card debt to become uncollectible varies by state due to statutes of limitations. Generally, this period ranges from three to six years, depending on the state. Once the statute of limitations expires, creditors can no longer sue you for the debt, but you may still owe it. Always check your state's specific laws for accurate information.