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Home > Money & Services > Real Estate   »   Difference between Charge-off and Bankrupted

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Old Jun 9, 2008, 11:09 PM
que_que
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Difference between Charge-off and Bankrupted
what is the difference between Charge-off and Bankrupt?

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Old Jun 10, 2008, 05:42 AM   #2  
ScottGem
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Charge off is a tax term. It means that a company as taken the outstanding debt as a loss against taxable income. Bankruptcy is when a person or company files for protection against their creditors. There are various levels of bankruptcy, that govern how a debt is paid back or discharged.

The two have almost nothing to do with each other. The only time they do is if a debt is discharged via bankruptcy, then the creditor is likely to charge it off as a loss.
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