Reflections on GTM over the years

dmhenderson · 09-23-2014, 01:39 PM

Quote:

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.

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

Chuck33079 · 09-23-2014, 01:45 PM

Quote:

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

True, but now we're going to have to look at how the business is organized, etc. Bottom line is it's a complete shitshow, and guys who are owed smaller amounts of money may end up taking it in the shorts. Plus, I'll bet a six-pack that his medical bills demolished his personal assets and he's underwater there too.

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