Charged off debts are still collectible, even years later, unless the statute of limitations has expired. Most creditors usually sell accounts they deem worthless to third party debt collection agencies called Junk Debt Buyers. When creditors sell an account, they sell all rights to the account as well so only the new legal owner of the account can collect the debt. Although debts expire, collectors still have the right to try and collect on old debts. If the statute of limitations has expired then the debt collector cannot file suit on it or threaten to since it is a violation to threaten legal action on an non-collectable debt.