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Creditors and Bankruptcy/charge offs by a bankrupt bank
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Question
if a bank does a charge off on a credit card than the bankreceives tarp moneyand later files for bankruptcy can they sell off that debt to a collection agency and hold you resposible for the full amount of the debtand not the amonut they sold off for ???please note i have not filed for bankruptcy,the bank did specifically wa mu.....
Dear Richard,
Thank you for your excellent question.
The TARP, bankruptcy, and selling of the debt has zero impact on the contract.
The established agreement with the bank holds constant, even if the debt is sold.
Your next focus should be how to make the debt collector follow the law and offer a pay off amount you deserve.
Ontrack Financial Group llc
www.OntrackFinancial.com
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