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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10898
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I have a charge off account auto loan I received in

Customer Question

I have a charge off account for an auto loan I received in 2001 while residing in WA state. The charge off occurred in 2008 when I was a resident of NV. I currently live in WI (since 2009). I'm not certain what "charge off" means, and I've that there is a statute of limitations on collections after a certain period of time. Where do I stand?
Submitted: 9 months ago.
Category: Finance
Expert:  Lane replied 9 months ago.
Hi,...If no payment has been made within a period of time set up by the company in their accounting system, the accounting rule is that, because it is unlikely it will be paid in the near future, it can't be carried on the books as a current asset....So the debt is "charged off." But the accounting move by the creditor to charge off the balance due, in of itself, doesn't affect your obligation....However, the second part of your questions may help ... Hang on and I'll look up the statute of limitations for you.
Expert:  Lane replied 9 months ago.
You can see the statute of limitations on debt collection for the 50 states here:...http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html...As you an see, Washington, Wisconsin, and Nevada ALL have a statute of limitation on written contract debt (loans no verbal) of six years.
Expert:  Lane replied 9 months ago.
I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work unless you rate me positively....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/ Medicare, & estate, as well as corporate & tax, since 1986
Expert:  Lane replied 9 months ago.
Hi,...I’m just checking back in to see how things are going...Did my answer help?...Let me know…...Thanks,Lane…
Expert:  Lane replied 9 months ago.
Hi,...I’m just checking back in to see how things are going...Did my answer help?...Let me know…...Thanks,Lane