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Richard, Attorney
Category: Business Law
Satisfied Customers: 55459
Experience:  32 years of experience practicing law and a businessman.
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I have some business debt with my old business partner -- she

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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 4 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.

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