That is good information to have.
In my case, I was under water the entire time. I did get notices from the IRS requesting me to pay, so I typed up and signed statements with my assets and liabilities at the time of settlement, showing a negative net worth. The IRS accepted that.
This tends to be automatic, as there are IRS rules that they need to follow. The way I got around it was that lawyer put language in the settlement that said we settled for the sake of convenience and did not admit to any debt. I had to go back and forth with IRS, but they eventually squelched the 1099.
Do you have a deadline that requires to you file an answer with the court on Monday? If not, I'd recommend getting some advice here before you take your next step. Do you even know what a Motion for Arbitration is?
’m so sorry guys I been looking online and reading trying to figure out my options.
It’s already filed, it’s with Steigner & Steigner. (what has been filed complaint or Answer?"
I appreciate your advice even though my reply is late. what is late?
Im going Monday to answer to court. I interpret this to mean you haven't filed answer but will be filing in person tomorrow.
I guess I’ll file for arbitration then. you have time to file Motion for arbitration. Just file answer stating your defense is to file Contractual Arbitration per contract.
What kind of court is this?
As long as it is not small claims, your strategy appears to be your best bet.
I don’t know what you meant my a late reply. If you mean you missed the deadline for filing an answer, you may or may not face a default judgment. OR, the judge may still allow your MTC. Only one way to find out