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J.Hazelbaker
J.Hazelbaker, Attorney
Category: Legal
Satisfied Customers: 4385
Experience:  Attorney and small business owner with 10 years experience in the general practice of law.
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I am a lincensed insurance represenative and borrowed money

Resolved Question:

I am a lincensed insurance represenative and borrowed money from a client/friend and cant pay it back. This individual was a good friend untill recently (Dec. 2010) I have a meeting with there Atty. today and dont know to expect. They are theating to sue me. I do have an atty. and dont understand why I personally have to attend this meeting.

Any thoughts?
Submitted: 4 years ago.
Category: Legal
Expert:  J.Hazelbaker replied 4 years ago.

J.Hazelbaker :

Hello. Thank you for using JustAnswer.

J.Hazelbaker :

There is no legal reason under Wisconsin law that could compel you to attend a pre-suit meeting.

J.Hazelbaker :

Your attorney can attend on your behalf. Or neither of you need attend.

J.Hazelbaker :

Obviously, though, attending might delay the filing of a lawsuit as you may be able to convince them of your good faith and willingness to pay back the loan when able.

J.Hazelbaker :

Having said that, there are good reasons why you should not attend, at least not without counsel.

J.Hazelbaker :

First and foremost is to avoid compromising your case by making any statements that could either provide evidence or restart the statute of limitations.

J.Hazelbaker :

For example, if you were to state in front of witnesses that you acknowledge the debt and agree to repay it, the statute of limitations would restart, giving the other party 6 full years to file suit.

Customer:

In December of 2010, I offered a payment schedule which I was unable to keep.

J.Hazelbaker :

That would be a default. The would have six years from the date on which you first missed a payment to file suit against you.

J.Hazelbaker :

However, there are good reasons for them to want to try to resolve this without going to court.

J.Hazelbaker :

Court is time consuming and expensive.

J.Hazelbaker :

In many cases, a meeting such as you described is simply an attempt to reach some kind of settlement that would prevent having to go to court.

J.Hazelbaker :

It can be worthwhile to attend, but not without your attorney.

J.Hazelbaker :

Please let me know what follow-up questions you have. If my above responses have been helpful, please click Accept so that I get credit for the time/effort. You may always restart the thread and ask follow-up questions at any time by clicking the “Reply” button at the bottom of the question/answer thread. You can access this thread later in your profile under the “My Questions” tab.

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