How do you know if your debt was charged off and if so does that mean you don't owe anything and then your credit can begin to improve again?

Answer

A charge off does not relieve you of the debt. It is a term that banks use to clear defaulted accounts off of the books. As a general rule, the account is sold to a third party. That agency will continue efforts to collect the debt. The charge off/debt will stay on your credit report for seven years. The state you live in is only relevant if any legal action such as a lawsuit is taken.

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