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That is why a creditor must attempt to file a legal suit in which the debtor must declare all his assets under oath when asked by the judge. Debtors are legally bound to pay their liabilities like outstanding credit cards or unpaid bills etc. Blockchain restructured the financial system in a decentralized way.
However, Florida courts have held that charged off debt is not forgiven, as may still be pursued for debtrecovery and satisfaction. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D. As a result, a loan that is charged off is written off and deemed a loss of principal and interest. Conclusion.
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