First post, hoping someone can address this question.
I owe on a Chase Credit card that I let Charge Off, original amount is around $10k. I believe my last payment was in December of 2015. GC Services sent a letter stating they are handling the debt for Chase. Note that GC does not own the debt, they are contracted by Chase to collect on the debt.
I recall back in business school that, according to Generally Accepted Accounting Principals (GAAP), a creditor must write off the debt as bad debt once the debt reaches a certain amount of time, and this bad debt beco