bankruptcy
Question Details: we have retained a lawyer for bankruptcy but have not yet filed. one of our loan acounts is delinquent and according to capitol one they will charge-off our account and once that happens it will no longer be eligible for bankruptcy. my lawyer says this is not so but he didn't sound convincing. please help. thank you for your time.
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You can still file bankruptcy on a charged-off debt. A charge-off is a creditor’s accounting entry for the IRS to recover on a bad debt loss; it does not affect your obligation to pay. In fact, only a bankruptcy can change your obligation (or, rarely, a successful negotiation or litigation, or a statute of limitations bar).
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