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Q: federal tax lien and it's effect on private civil judgements ( No Answer,   0 Comments )
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Subject: federal tax lien and it's effect on private civil judgements
Category: Business and Money > Finance
Asked by: funplace-ga
List Price: $20.00
Posted: 21 May 2006 09:04 PDT
Expires: 20 Jun 2006 09:04 PDT
Question ID: 730994
Will a federal irs tax lien for several hundred thousand dollars
discourage lawyers of private entities from pursuing the collection
of private civil federal judgements for a similar amount.

There also shortly will be a repayment agreement in place with the irs.

The debtor has no property other than a car and the income from his
business which is around $150,000 gross.

There are three private civil judgements, two for $500,000 and one for
1.6 million.

There is also a additional federal civil judgement from the federal
trade commission for 1.8 million, which they have not as yet pursued
collection.

Another part of this question is, if somehow collection of the private
judgements goes forward, is there any protection to the debtor for his
only source of income, which is his business. Could the debtor be
forced to sell his business to pay the private civil judgement.

Thank you.
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