How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Business Law
Satisfied Customers: 53715
Experience:  32 years of experience practicing law and a businessman.
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

I have some business debt with my old business partner -- she

This answer was rated:

I have some business debt with my old business partner -- she pays me monthly to pay off the debt. She has stopped paying. She does not dispute the loan in any way, she simply claims she cannot afford it. Can I get some legal support through small claims court?
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. Can you help me with a bit more information so I can provide you complete and accurate information in response to your question? How much does she owe you? And, what is your get a judgment so you can go after her assets? Do you have a note? Would she be willing to provide one? Would she be willing to pledge any collateral to secure the debt? Thanks.
Customer: replied 3 years ago.

She owes about $10,000. We have a promissory note, and she has never disputed the debt. Honestly, I think if I had a legal judgement it would be enough to get her to pay or take out a loan elsewhere to pay me off. With a judgement, I am not sure what other options it gives me. If I have some type of judgement, can I then sell it to one of the settlement funding companies?

Thanks so much for responding. The maximum amount that can be sought in small claims court in Colorado is $ you would not be able to bring suit in small claims for over that amount. But, you could file this suit in a civil district court and since you have a promissory note, it would not be a complicated case and it's likely your note provides you would be entitled to legal fees in the event of a default. Getting a judgment would enhance your collection options. One, yes, you could sell this judgment to a third party. Two, once you get your judgment, you can return to court with a motion to execute judgment and ask to examine the defendant’s financial and personal information to ascertain their employer and the location of any property or bank accounts. Once the prevailing party obtains that information in the court, the prevailing party would ask the court to issue an order of garnishment/seizure in order to satisfy the judgment. The court will then issue the order and the clerk will have the forms to serve on the banks or the employer.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Richard and other Business Law Specialists are ready to help you
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! For easy access, my bookmark is:

Related Business Law Questions