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Deleted member 121863
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I have about 70,000 owe to me through the years too. Here is my intake. This guy hasn't pay him from 2008. He has no intentions of paying him. I think it will be a miracle if he did. Although I do believe in miracles. I think he is just telling him what he wants to hear. He be a fool to sign a new contract when he doesn't owe at this point. You are past the statue of limitations to pay at this point. You can't sue this guy, or take any of his assets. It is illegal at this point. Fraud?, he had made an effort to pay back that debt until he couldn't. He had a divorce and business went bad. There is no fraud here.
Signing a new contract does not ensure you will get your money back either. Most people that get sued can simply file BK and call it a day. Laws do not protect the people who are honest, more the ones who scam. I know, I own 2 businesses and wrote off many bad debts. Going to court will not ensure anything and that is where you have to go to legally try to get that money back. But he can not even do that.
To the OP, you loan money to the wrong person. Never lend money to any friend or family, that is the worse. You always ensure you have some collateral for that debt or you are taking a big chance. I am speaking from experience here. I learn through the years never to loan money to anyone. It sounds like you have a good heart, I did too, but business is business. You can not tap that guys accounts, his or anything he has. You would be breaking the law at this point. Legally, you don't have any ground. You can however write it off on your taxes as bad debt. Please see an accountant for that.
Because the guy says he got divorced and business failed means none of the money was misappropriated? You know the dead beat or something? If it was done through any LLC, INC name it can be pinned on him FOREVER! I`m not talking about some non-sense your gonna find a credit message board.
Second, if OP gets a judgement on this guy (after finding out he has assets) he most certainly can freeze those accounts by simply getting the judgement papers to the right dept at the bank. Yes, debtor could file BK and get his account(s) unfrozen but if he has enough assets he could not file chapter 7, at best chapter 11 and would still have to pay back most if not all the money