Zombie Debt Collection: Federal Style
Do you recall when you were a child and your parents told you to “do as we say, not as we do”? Well that sounds a bit like the United States government when it comes to debt collection. In a little-known clause tucked into a farm bill the federal government did away with the 10-year statute of limitations on collection of debts owed to the federal government. So this means there is no clock on the collection of Social Security overpayments, income taxes and penalties, and many other “you owe us” demands from the Feds.
Wow.. does that seem fair? I will leave it for you to ponder. Like Michael Jordan used to say on the Hanes underwear commercials of years ago, “you’ve been briefed.”