he owes me money, he has none right now and will declare bankrupt if i go legal. will i get the money ?

Question

he owes me 12k, have sent a legal letter but he says that he has no money right now and if i take this to court then he will declare himself bankrupt, if he does that will i get the money back??. i have no legal writing to say i lent the money but have evidence on saved msn,mobile txts and emails, also a recorded conversation. unfortunatly i took out a loan for this and am left paying for this every month. someone please give me advice, he has no assets, no house, nothing. he says he is starting a new job soon and will give me cash when he is eligable to apply for a loan but i dont believe him. please help

Answer 1

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Answer 2

If you don't have a written agreement regarding the loan (e-mail, text messages, recorded conversations, etc. do NOT count!) then he can pretty much tell you to pound sand. You'd never get a judgement, so he'd have no reason to file bankruptcy.

If he did file bankruptcy, your debt (assuming that you had proof of it, which you don't seem to have so it's probably moot) would be discharged and you'd get a percentage share of any proceeds from the liquidation of his assets as settlement in full. Since he doesn't seem to have any, any share of zero is still zero, so that's what you'd get.

So, your situation seems to be that you borrowed money and then loaned it do a dead-beat. You're now left holding the bag since you have to repay the loan that you took out. You compounded the issue by not having him sign a loan agreement with you. That's a pretty expensive lesson; I know you won't make that mistake again!

Your only hope is that he comes through with something. Eventually. But don't hold your breath.

Answer 3

If you took out the loan, then you are responsible for the debt no matter what you did with the money.

I think you would be throwing good money after bad in a civil dispute... this happened to a friend of mine and got him nowhere, forcing him into personal bankruptcy and 3 years later, he's still having credit issues....

Chances are he won't make himself bankrupt, but if he does, this doesn't mean his debts are wiped off, if you are recognised as a serious creditor then 70% of his spare earnings will be taken by the trustee to pay for their fees as well as the remainder being spread out among people he owes money too. you will only be recognised as a serious credit if a court rules in your favour though, and this will be hard to do.

A solicitor would be able to advise you better.... but it will be a long a slog... best keep him sweet and try and get the money back slowly but surely.

Answer 4

if you get a judgement before he files bankruptcy, you're finished. bankruptcy kills all judgements..

but nevertheless, you have no judgement yet. You need to sue him in court and win. Why don't you take him to small claims for $7500, and try your luck. hint: you will lose, with no documentation. All of the "evidence" you have, I dont know. All he needs to say is "I never signed any contract". You can do it in municipal court, it will cost more to file, but you can sue for the full 12000.

If you end up with a judgement for $7500 (even the full 12000), if he has no wages or assets, you cannot collect anyhow. So why bother? Chalk it up to "stupid tax". You'll never do that again! Sounds like you got scammed by a typical bum.

Answer 5

Why you lent the money to the dead beat in the first place?Just a hard lesson in life. Your chance getting back is zip. It takes years to get it back or maybe never

Answer 6

As long as you file the court papers BEFORE he file bankrupt, you are entitled to the $$$

Answer 7

Get help from a Credit counsellor or bankruptcy lawyer...