Reflections on GTM over the years

Originally Posted by Alstann

From what I understand in California, a bankruptcy filing discharges debts that are previously owed, unless the debt in question was fraudlent (which I believe this is the case), and was obtained with a false pretense.

From the US Code - Section 523 - Exemptions to Discharge (in terms of bankruptcy):

(a) A discharge under section 727, 1141, 1228(a), 1228(b), or 1328(b) of this title does not discharge an individual debtor from any debt.....(2) for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by - (A) false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor's or an insider's financial condition.

I'm going to be speaking to a friend of mine who is an attorney to get more information, but I believe I have a case. Also, I am unsure of how that bankruptcy filing worked out - they filed under a different name.

Originally Posted by MMC Racing

Getting the first judgment will be the easy part. Collecting on that judgment is going to be hard and expensive with very little chance of success. Every additional dollar you put into trying to get your money back will just be more money down the drain.

The only creditors that will get any satisfaction out of this is they ones that leased him equipment. They will get their equipment back. They still will need to eat the lost lease payments, transportation, and reconditioning.

Originally Posted by Chuck33079

Unless there are hard assets you can repo, I'm afraid you may be left holding a judgement in your favor and a pocketful of nothing. There's no doubt in my mind that there are no assets to go after. Man, I hope I'm wrong and you get made whole, but I'm afraid you're about to find out how broke Sam is.

Originally Posted by dmhenderson

Well, if he owns property (and he does) and he's found PERSONALLY liable for the debt - as in "not part of the bankruptcy filing", you can put a lien on his house, vehicles etc. Garnish future wages and so on.
Once you get a judgment against him, it doesn't just magically go away. If he tries to found a new business and start over again, you can wait and go back after him for the amount of the original judgment plus interest