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Paid Charge Offs

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DiamondDan73
Regular Contributor

Paid Charge Offs

Would it make sense to include a paid or settled charge off in a Chapter 7? I have a a few charge off's that I settled in 2020 and they are listed as either a collection account or a personal loan. They are reporting as Paid. Closed. $300 written off or Account paid in full for less than full balance.

 

I've tried to dispute them but they come back as verified. I would having them reporting as included in bankruptcy be better?

Started 11/2020 EQ 549 TU 580 EX 559
Currently 12/2020 EQ 541 TU 606 EX 576
2021 FICO Goal 680 on all 3
Message 1 of 6
5 REPLIES 5
Jeffster1
Valued Contributor

Re: Paid Charge Offs


@DiamondDan73 wrote:

Would it make sense to include a paid or settled charge off in a Chapter 7? I have a a few charge off's that I settled in 2020 and they are listed as either a collection account or a personal loan. They are reporting as Paid. Closed. $300 written off or Account paid in full for less than full balance.

 

I've tried to dispute them but they come back as verified. I would having them reporting as included in bankruptcy be better?


If the COs occurred and were paid off prior to your BK filing, they cannot report as IIB. 

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Message 2 of 6
pizzadude
Credit Mentor

Re: Paid Charge Offs

Did you actually file BK and when was it discharged ?  The BK filing would specifically list out accounts which are included, as stated above, prior accounts wouldn't be included. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 6
DiamondDan73
Regular Contributor

Re: Paid Charge Offs

I am filing a Chapter 7 on the 1st. These were paid in 2020. 

Started 11/2020 EQ 549 TU 580 EX 559
Currently 12/2020 EQ 541 TU 606 EX 576
2021 FICO Goal 680 on all 3
Message 4 of 6
Lurker22
Frequent Contributor

Re: Paid Charge Offs


@DiamondDan73 wrote:

I am filing a Chapter 7 on the 1st. These were paid in 2020. 


you aren't able to include anything that isn't owing at the time of BK, especially debts that were satified 3-4 years ago 

Message 5 of 6
pizzadude
Credit Mentor

Re: Paid Charge Offs

Agree, those accounts are closed now so they shouldn't be included.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 6
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