If the original creditor “charged off” the debt they are acknowledging that they have given up on being repaid on the original terms of the loan. The remaining amount is considered bad debt. This does not mean you do not owe the debt. This does not mean they have given up on trying to collect. They can try to collect or they may sell the bad debt to a debt collector that can attempt to recover the entire balance owed. You can search for an attorney using the Justia "Find a Lawyer" link at the top of this page.
