(215) 995-2543

It is common for a debt to be listed as a “charge-off” on a credit report. Some consumers have mistakenly viewed a charge-off as a positive indicator on their credit report, because the phrase charge-off may be interpreted as the consumer no longer owes or is responsible for payment of the debt. In fact, the phrase charge off has an opposite meaning as discussed in more detail herein below.
Reporting a debt as a charge-off, generally means that a debt is unlikely to be collected and the consumer is seriously delinquent on his or her debt. The charge-off usually appears after a six month period of the consumer’s failure to pay toward the debt. Although the charge-off is deemed as an non collectable debt by the creditor, the debt is still due and owing by the consumer until the applicable statue of limitations for collection has passed.
If you have debts that are listed as past due or charged off, it is recommended that you speak with an experienced attorney regarding your financial situation. During a consultation with Sadek and Cooper we will review your credit report in effort to advise of your legal options, including, but not limited to Bankruptcy Law. If bankruptcy is the best option for you our lawyers will explain the procedures in a Chapter 7 or a Chapter 13 Bankruptcy filing.

To speak with one of our lawyers regarding your financial situation, please contact one of our conveniently located law offices listed below.

CENTER CITY PHILADELPHIA: 1315 Walnut Street, #302 Phila., PA 19107 215-545-0008
NORTHEAST PHILADELPHIA: 2375 Woodward Street, #105 Phila., PA 19115 215-545-0008
DELAWARE COUNTY OFFICE: 1515 Wallingford Road, #218, Springfield, PA 19064 610-432-3111
NEW JERSEY OFFICE: 302 Washington Avenue, Suite 101 West, Moorestown, NJ 08057 877-452-9411