I am in the process of rying to repair my credit. I need to get some answers abput filing chapter 7. I pulled up my credit report and the creditors current status on the credit cards are charged off account.What does that mean?
need help
posted by Questions @
1 Expert Comment:
At February 5, 2007 |
12:19 pm
, Barton Goth, GCO Inc. Bankruptcy Trustees Said...
I have never heard the phrase “charged off account.” For more information on this specific notation you are best to contact the credit bureau (either Trans Union or Equifax are typically the best sources).
In terms of Chapter 7, firstly it is important to note that Chapter 7 in an American code and is referencing a section in the American Bankruptcy legislation. In Canada all of this activity is driven under the Bankruptcy and Insolvency Act, which is significantly different than the equivalent American legislation. In Canada all activity under the Bankruptcy and Insolvency Act, whether it be a bankruptcy per say, or some other type of restructuring activity is done through a licensed Trustee in Bankruptcy.
The best thing to do for information about bankruptcy and the various alternatives is to get in touch directly with a trustee’s office. By following this link you will be put in touch with local trustee’s, all of whom provide initial information gathering sessions free of charge. Attending one of these will likely help answer any questions you may have and help you determine what solutions fit your situation best.
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