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i am sueing in small claims and am worried about the plaintiff

filing bankruptcy...
i am sueing in small claims and am worried about the plaintiff filing bankruptcy
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Answered in 8 minutes by:
3/3/2013
Barrister
Barrister, Attorney
Category: Business Law
Satisfied Customers: 39,461
Experience: 17 years practicing attorney, JD, BA, MBA
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Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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if i win he has to eirher pay me the 7 thou or return the business to me. can he opt to pay me the money and then file bankruptcy?
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Unfortunately yes, he could file bankruptcy at any time, whether before or after you got a judgment against him. This would discharge any obligation that he had for this and any other debts that he included in the BK filing.
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That is always a risk when suing someone that they will just file BK to wipe out the debt.
But you would be able to file a creditor claim against the BK estate for the $7K he owes you. But if he had other debts and no assets, you may not end up with much.

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Thanks.

Barrister

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Please don't forget to rate my service "OK" or higher. It is only then that I receive credit for my work.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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Customer reply replied 4 years ago

he still has the business. the cotract states that if he defaults he has to surrender the business back to me. can he still file bankruptcy and keep the business. he has less than to weeks to appear in court. i dont think he could file bankruptcy that fast


 

A BK filing stays any creditor actions. So since you are a creditor, if he filed, it would stop any lawsuit from you. If you got a judgment against him in court, he could still file BK and prevent any collection under the contract. If he filed BK the BK trustee would take over the business, and try to sell it to raise monty to pay any creditors off.
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Thanks.

Barrister

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Please don't forget to rate my service "OK" or higher. It is only then that I receive credit for my work.

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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Customer reply replied 4 years ago


so selling anything on contract is never a good idea. why didnt my lawyer inform me of this when he drew up the contract?

Selling on contract is not necessarily always a bad idea. But you have to look at the creditworthiness of the buyer. If the buyer isn't responsible and thrifty, then their promise to pay isn't worth very much. A bum can give you a promissory note for $1 million, but if he has nothing, the note isn't worth anything either.
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But anytime someone wants you to finance the deal, that typically means that they don't have liquid assets or can't get a loan somewhere else, so that should be a red flag..
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Thanks.

Barrister

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Please don't forget to rate my service "OK" or higher. It is only then that I receive credit for my work.

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Ask Your Own Business Law Question
Customer reply replied 4 years ago


the business went with about 8 thou dollars worth of equipment. could he be ordered to surrender that? i'd be happy if i ghet that back. and would him filing BK keep him from haveing to surrender the equipment too?

When someone files BK, everything they own is taken over by the BK trustee to be sold to pay creditors. So if the person had property, equipment, real estate, bank accounts, etc., it would all be seized by the BK trustee and sold to pay creditors subject to any statutory exemptions.
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But if he doesn't owe a lot of other people and you are the only creditor, then you may stand a good chance of getting at least some of your money or equipment back.
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Thanks.

Barrister

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Please don't forget to rate my service "OK" or higher. It is only then that I receive credit for my work.

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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Customer reply replied 4 years ago


thanks a bunch. to be honest with you i dont think he knows he could file BK so i stand a good chance anyway.


cheers XXXXX XXXXX


thom

That may be the case, and filing BK isn't cheap either...
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Thanks
Barrister
Barrister
Barrister, Attorney
Category: Business Law
Satisfied Customers: 39,461
Experience: 17 years practicing attorney, JD, BA, MBA
Verified
Barrister and 87 other Business Law Specialists are ready to help you
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Customer reply replied 4 years ago


follow up question. i sued in small claims court and won. (other party didnt show) but even though the contract shows that the other party is to turn the business back over to me, the judge said he could only award financial compensation only. so he awarded me 6900 dollars. i sent registered letter to the other party and it has been past 30 days since he signed to show he recieved the letter. i am assuming he has not filed an appeal (through mutual freinds) i have heard he hasnt even considered BK. so whats my next step. i dont see how i can get this money out of him any easier than before i sued him???

If you have a judgment against him, and he hasn't appealed, then you can now contact the clerk of the court and file to garnish his wages or have the sheriff seize personal property to sell to pay the judgment.
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This is a useful link put out by IL Legal Aid that can give you specific ideas and processes that you can use to collect on your judgment.
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http://www.illinoislegalaid.org/index.cfm?fuseaction=home.dsp_content&contentID=2954
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Thanks.

Barrister

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Please remember to rate my service. If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Ask Your Own Business Law Question
Customer reply replied 4 years ago

awsome thanks again. you have been more than helpful. take care


thom

You are very welcome. Glad I could help.
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Thanks
Barrister
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