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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 45670
Experience:  32 years of experience practicing law and a businessman.
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I loaned out 27000 dollars to an x friend to buy away from

Customer Question

I loaned out 27000 dollars to an x friend to buy away from the bank his 2 cars , I have signed and noterized papers for both cars intrest is less than what the bank charged . For two years he has payed not very well but money is money , he has now stopped and wants his titles back or he will not pay anymore , what can I DO ?
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good afternoon. your ex-friend has some gall and audacity. He has no right to his car titles back. In fact, since he is in default, you can repossess the cars and sell them to recover any amounts owed to you. If the sale of the cars does not result in sufficient funds to pay you in full, you can then file suit against your ex-friend for any deficiency. Once the suit is filed and a judgment awarded, you become a judgment creditor, and if the losing party doesn’t then pay the judgment, you can have the sheriff serve a summons on the losing party for a debtor examination. That forces the losing party to meet the judgment creditor in court and answer questions under oath about the losing party's assets. After that information is obtained, the judgment creditor has the power to garnish wages, attach bank accounts, and/or have the sheriff seize other property to satisfy the judgment.




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Customer: replied 1 year ago.

I cannot even find a lawyer to take this case I have tried , I have the key to 1 car but where it is I do not know , he tells me if I keep making contact with him he will sue me for harassment , his father has the other car and no plates on it but is driving it around think hes using a dealer plate , im f**ked without teeth !!!!

Expert:  Richard replied 1 year ago.
Thanks for following up. You have the right to contact him for payment of the loan due. It is not harassment and because you are the primary creditor, he has no right to any protection under the Fair Debt Collection Practices Act. If you can't find either car, proceed directly to filing the suit for the entire amount owed you. The suit will give you the leverage you need because once you get that judgment, you can garnish wages, attach bank accounts, and attach any other assets he has. He will not enjoy that at all. On the lawyer issue, under my terms of service with JustAnswer, I'm not allowed to make a specific recommendation, but I can give you direction. You would want to either contact the state bar association or your nearest law school for a referral. I prefer the latter because they take great pride in their graduates and will take a more personal interest in making sure your referral is a good one because it will be a reflection of the school.
Richard, Attorney
Category: Business Law
Satisfied Customers: 45670
Experience: 32 years of experience practicing law and a businessman.
Richard and 2 other Business Law Specialists are ready to help you
Customer: replied 1 year ago.

good answer , if I do find the 1 car whats to stop him from calling the cops to say I stole it and I`M IN JAIL ?

Expert:  Richard replied 1 year ago.
You have the title! You have the right to repossess it...just not to disturb the peace or break and enter to get it. If it were me, if I found the car, I would have a professional repossession firm repossess it on my behalf to avoid any potential trouble. These guys are good!
Customer: replied 1 year ago.

OK but the titles are still in his name not mine , I didn't want to go to the state and pay taxes on the cars and incur more expense , will this change the playing field ?

Expert:  Richard replied 1 year ago.
If he has signed the titles over to you and you have simply not gone to the state, or he has given you a security interest in the vehicles, then it doesn't change anything. If you simply have the titles in your possession, but he hasn't signed them over to you and you don't have a security interest in the vehicles, then file your suit first and get your judgment; then you have the right with your judgment to place a lien and repossess the cars at that point.
Customer: replied 1 year ago.

you give me hope , but its on thing to get a judgement and another to collect anyway please explain what you mean security interest in the vehicles ?

Expert:  Richard replied 1 year ago.
To give you a security interest, he would have to have signed a Security Agreement or signed the title over to you. Either would give you the needed security interest.

Once you get the judgment, you can force him to appear for a debtors exam under the threat of being in contempt of court if he does not. That forces him to disclose all bank accounts, employers, assets under the threat of perjury. This is no fun for him because you can pretty much make his life miserable from there.
Customer: replied 1 year ago.

last one my friend, what does the signed contract give me ?

Expert:  Richard replied 1 year ago.
I'm so sorry for the delay...afternoon run! I apologize for any inconvenience!


The signed Security Agreement would give you a lien that would give you the right to repossess without getting the judgment first.
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Customer: replied 1 year ago.

I have talked to a lawyer since we talked last and have learned that the weasel / deadbeat can get out of my guaranteed judgement by filing bankruptcy , but that is a 50/50 chance he will do that for he has no money but a paycheck each week , and after child support I would get 15% . As far as my phone calls and other forms of communication I am barred for he has written that I`M not to make contact other than the USPS , and the next point is the cars in order to get close to just one I need to file papers in Wisconsin for that is where he now lives , and I wouldn't get much for an 2002 Lincoln and a 2009 Sion? with high miles and if I did take them that would kill his job and any chance to collect . The last aspect of this drama would be "throwing good money after bad" and in reality I have already lost that money and the judicial system in this corrupt state as well as your government in general favors the criminal and not the victim , and stop chasing money so I ask you which choice would you take ?

Expert:  Richard replied 1 year ago.
If this were me, just to make things difficult on him, I would call his bluff. I would get the judgment and force him to file bankruptcy. It's not as much fun as he thinks. And, I would then garnish his wages. It would be relatively inexpensive and it's easy to threaten to file bankruptcy, but it really messes up your life, your ability to find employment and to get any credit for a long time. See how he enjoys that!
Customer: replied 1 year ago.

A man after my own heart , the cost to get to his paycheck will be 1000 and yes I would love to see him squirm , but if I have the judgment before he files then all chances are lost to ever get a dime or even the car , your in Texas and I sit here in IL. the laws must be very different , he believes that I can not get a lawyer and he has not said he would file , the lawyer I have talked with said he might do that to get out of all this , but he did make one statement to the point that he would go to the DMV and say he lost the title and get a new one ........

Expert:  Richard replied 1 year ago.
I do understand you situation. It's a toss-up, but I do know this....guys like this eventually get what's coming to them. If that's any solace. What you might want to consider to make his life miserable is to contact a collection agency to give them a chunk of anything they recover and let them put the bull-dog treatment on them.

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