Legal Question in Credit and Debt Law in California
statute of limitations
Bought a mobile home in california in 1986. Mobile home was repossed in 1994.
Finance company sends 1099-c to IRS in 2006. Now I owe thousands of dollars to IRS.
Can the finance company hold a debt for 12 years?
Never was sued for deficiency judgment by the finance company.
Asked on 5/01/08, 9:10 am
1 Answer from Attorneys
David Justin Lynch
David Justin Lynch & Associates, APLC
Re: statute of limitations
The lender must obtain a deficiency judgment from a Court to file a 1099-c. I would go to IRS and challenge it as erroneous. Ask for your day in tax court and subpoena the lender. You need a tax attorney.
Answered on 5/01/08, 1:59 pm
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