Hello and thank you for allowing me the opportunity to assist you.
Question: “My lawyer does not want us to sue because the cost involved is too much for us to bear. I feel there is no justice for me and my remaining partner.”
Answer: Depending on the facts of the case, you may very well have good reason to sue, and you may even win a judgment against your former partner.
That said, your lawyer is probably giving you prudent advice. Paying a lawyer to sue your former partner could easily end up costing you $20k or more. Unfortunately, your case isn’t something that a lawyer would take on a contingency fee basis, and the fees aren’t something you can pay after winning the case and after you collect … it’s an expense you’ll need to pay out of pocket as the case moves forward.
Moreover, even if you win you may never collect a penny. The former partner may simply file for bankruptcy protection and have your judgment wiped out. That is a popular option for people when they have judgments against them for tens of thousands of dollars.
Then, there is the real possibility that you’d lost your case. Obviously, I can’t really comment on your chances since I don’t have nearly enough information, but generally speaking, if the buiness is an LLC, limited partnership, or corporation, then your former partner would not be personally liable unless the debts you’re referring to are personal debts … i.e. he used a company credit card for personal use.
Of course, sometimes making a point is more important than the cost and risk involved in litigation. Many people, and even businesses, file lawsuits that from a cost perspective don’t make sense, but from a moral perspective make perfect sense. If you strongly feel that you want to make such a point, then perhaps you should sue.
Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.