| "What exactly does it mean when an account is charged off as a bad debt?"
*** The term 'charge-off' or 'write-off' is simply an accounting term used to show that the debt has been moved from the performing (being paid) ledger to the non-performing (no longer being paid). It is not a 'forgiving of the debt'.
"Will they company eventually sue or do they write it off?
*** Some creditors may sue, depending on the specifics. However, most original creditors gather the 'write-offs' into a bundle (called a portfolio) and sell them to 'debt buyers'. That 'new' owner will then attempt to collect.... and is usually more likely to take legal action. And those that they don't collect, are then resold and resold and resold..... until the SOL (Statute of Limitations) makes the debt no longer enforcable.
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There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).
Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
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06-11-2003, 08:00 PM
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