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Category: Business Law
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I sold a small business and recieved 80% of the sale value

Customer Question

I sold a small business and recieved 80% of the sale value 50% of the note recivable is collected. I have asked the buyer to pay the balance he has not complied. It is about 2yrs now I need a prelegal advice on how to go about it.
Submitted: 5 years ago.
Category: Business Law
Expert:  Richard replied 5 years ago.

Good morning. If he has not paid you voluntarily, then you will need to file a suit against him. Because you have a note, you don't have to prove that he owes it..the fact that he hasn't paid is sufficient to prove your suit and for you to be awarded your judgment. Once you have been awarded that judgment, you can then have the sheriff serve a summons on him for a debtor examination. That forces him to meet you in court and answer questions under oath about his assets. After you obtain that information you have the power to garnish wages, attach bank accounts, and/or have the sheriff seize other property, including the assets of the business you sold him, to satisfy the debt.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have different intricacies in their laws and any information given is simply general information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

Customer: replied 5 years ago.
I need a legal answer. I can not be satisfied in this form.
Expert:  LawHelpNow replied 5 years ago.

Hello and thanks for choosing Just Answer®.

 

I am a licensed attorney and will be glad to try and assist you seeing you have opted out the legal expert originally assisting you. To provide you with accurate information, could you please clarify these points:

 

 

  1. What is the amount (at least approximately) of monetary damages you seek?
  2. Do you have a notarized document (i.e. promissory note) supporting the debt?

 

 

Once I hear back from you, I will be glad to let you know my answer. There may be some delay as I am assisting other customers or am away from my computer. Please rest assured, however, that I will get back to you as soon as possible.

 

Thanks!

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