What are the Statuete of Limitations, GA
2006-09-02 09:07:38 · 3 answers · asked by Ralph B 1 in Business & Finance ➔ Taxes ➔ United States
Absolutely! If he earns income from the item he will report it as income to negate the deduction he took in the past . I believe in Georgia the statute on filing a jugement against you on a revolving line of credit is 4 years and on promissory notes is 6 years. (I know the exact Florida Statute that references it here in Florida but I can't be certain for Georgia) This is the amount of time that the creditor can file suit against you NOT the amount of time they can attempt to collect a debt.
There are services out there that will buy your written off debt from your previous creditor for pennies on the dollar (which would be the income he would report) and attempt to collect 10, 15 even 20 YEARS after the write-off (Portfolio Recovery Associates is one that I know does this). They will get several people that even though the debt is aged will pay the old account anyway so it is worth it to them.
If a legal judgement was awarded in the past these time limits are different and they can add interest to the debt that was legally awarded prior to the original debt SOL. You should contact your state consumer protection agency for exact dates and interest rates or dig into the actual Statutes in Georgia (fun reading :-)).
Hope that helps - Sorry I don't know Georgia statute for the exact answer.
2006-09-03 04:13:59 · answer #1 · answered by FlCpa 3 · 1⤊ 0⤋
Yes, he can still collect on the debt, his tax filings have nothing to do it. Statute of Limitations depends on the nature of the debt.
2006-09-02 10:05:07 · answer #2 · answered by Michael K 6 · 0⤊ 0⤋
yes they can still collect, they can send a lawyer to collect. call the creditor and make a deal to pay the debt off.
2006-09-05 08:14:38 · answer #3 · answered by coko823 3 · 0⤊ 0⤋