Hi, My name is XXXXX XXXXX I’m happy to assist you with your question today.
I agree with nearly everything you've written in your plan of attack - i.e., filing the suit against him and his wife personally in addition to the corporation. One issue you may have though is I notice your question states you live in Iowa, but you state he is in North Carolina. If that is the case, you'll have to file the lawsuit in in North Carolina (jurisdiction
is in defendant's location), unless you have some agreement in your agreement(s) that states any suit will be brought in Iowa. And even then, you'd have to have the judgment transferred to NC to collect whatever assets he has there. I'd have to believe it's going to be practically difficult for you to maintain a court case in NC - there are pretrial hearings, motions, etc. that you'd have to attend. So, it may be in your best interest to retain a NC attorney on an hourly or contingent basis. If the loan documents are clear that you are owed money then it shouldn't take too many hours of an attorney's time. Or if you wish you could retain an attorney contingent - i.e., you pay nothing unless some money is collected, in which case you pay the attorney around a third to forty percent of what is collected. I'd suspect also if this guy is broke he is not going to get an attorney, thus it should be a pretty fast case for you in any event. These are the few issues I'd suspect you may have...it may be easier and cheaper for you to simply retain a NC attorney to handle this, rather than the time, travel expenses, and aggravation of attempting to do this yourself.
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