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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53982
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I have an agreement with an ex business partner made through

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I have an agreement with an ex business partner made through mediation that requires his making a $100.00 payment to me monthly by the 15th. He also has a five day grace period. He is late every month, and last month paid well past the grace period. I contacted his attorney, but it doesn't seem to matter. As I write today, he still has not made this month's payment. What recourse do I have in this matter?He has 44 more payments left, and I chose to no longer put up with this. He doesn not have to pay any interest, and swindled me out of over 80 grand, so I settled for this deal.At the time I was told by his attorney that he was "uncollectible". He owns and runs a success business in town. Any suggestions for me?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
Your ex-partner is in breach of contract. So, given that, file suit against him, not only for breach of contract, but the original fraud, seeking actual and punitive damages. Filing the suit will give you the collection options and leverage you need to collect the debt owed you. That's because once the suit is filed and a judgment awarded, you become a judgment creditor, and if he doesn’t then pay the judgment, you can have the sheriff serve a summons on him for a debtor examination. That forces him to meet you in court again and answer questions under oath about his assets. After that information is obtained, you have the power to garnish wages (unless you are in TX, SC, NC, or PA, which don't allow wage garnishment in these situations), attach bank accounts, have the sheriff seize other personal property, and/or place liens on any non-homestead property he owns to satisfy the judgment. In my experience, simply filing the suit is typically all you need to do to resolve this outside of court because most of the time, once served with a summons he is being sued, he will want to settle out of court to avoid the judgment and potential punitive damages.
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