2006-12-20 07:29:11 · 16 answers · asked by mimi 1 in Business & Finance ➔ Credit
Don't take me wrong, there were papers signed, a contract kind of thing. There were other people involved. There were also other people lending him money also, even more than I, a lot more, in the same manner. I don't know how many of these "loans" still out there. We all treated him like a friend. Last I heard some of the employees didn't get their last paychecks. These are other than the creditors that he dealt with on the business level. Can bankrupcy law protect him from everything? It's looking more like con to me as time goes by and watching him being perfectly protected and no one can do a thing about it. By the way, although not practiced, he does have a law degree.
2006-12-20 08:01:32 · update #1
Did you lend money to your employer "the person" or to the employer "the company"? Do you have a signed Promissory Note that states it will be repaid and when?
If you lent the money to "the person" then you can collect through a small claims court judgement. You will require proof that a loan was made. For instance, a cancelled cheque that shows it was a loan. Or if you know that he has personal property, placing a lien on this property (you might need to call the Balliff to enforce the lien) could work.
If you lent the money to "the company" then you would become one of the creditors affected by the bankruptcy. You will also require proof that money is owed and you will be paid once the assets of the company have been sold. You may not receive the entire amount as creditors are usually paid a percentage of what is owed based on the cash obtained from the sale of assets.
I hope this helps and that you are able to have your money returned fully.
2006-12-20 07:41:08 · answer #1 · answered by D N 6 · 0⤊ 0⤋
Did you lend it to the company or to him personally? Who filed the bankruptcy? Him or the company? If you lent him the money and he filed bankruptcy then you are basically out of luck. You can be added as a creditor and you might get 10 cents back on the dollar but most likely many other people are going to come ahead of you (morgage company, banks, credit cards...) Good luck
2006-12-20 07:34:10 · answer #2 · answered by JohnT 2 · 0⤊ 0⤋
If your employer needs a loan from you, that is your first clue to update your resume and start using it. That said, you are an unsecured creditor. you may get part of you money back, but don't expect much. To whoever said to wait until the bankruptcy is settled, then take him to court: I'm not a lawyer, but I'll bet he could argue that because you knew about the bankruptcy and didn't present your claim, you effectively waived the right to collect.
2006-12-20 11:28:54 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
You are now an unsecured creditor. You will need to wait in line with all of the other unsecured creditors in hopes of getting your money back. Hopefully you had gotten your employer to sign an IOU/loan agreement when you lent him the money. If you didn't, then you're out of luck and most likely you won't get anything back since you are not able to document the debt.
2006-12-20 07:44:17 · answer #4 · answered by jseah114 6 · 0⤊ 0⤋
If you have proof and he does not list you as a creditor in the bankruptcy wait for the bankruptcy to be finalized and then attempt to collect the deb through small claims court. If he does not pay it turn it over to collection. He will not be able to file bankruptcy again for 8 years.
No receipt then hopefully he will do the right thing.
But if you push him now and you have proof he can just add you to his list of creditor so back off and wait. Then you can take him to court when he can not declare bankruptcy again.
Good luck.
2006-12-20 07:42:15 · answer #5 · answered by Kdude 4 · 0⤊ 0⤋
That depends, do you have a contract? If you do, then you will need to get involved with the bankruptcy proceedings, and you will be treated like any other creditor--although, my guess is that you will be considered less important than large-scale creditors.
If you don't have a contract, you will probably find it impossible. Hope you didn't lose too much.
2006-12-20 07:31:45 · answer #6 · answered by Qwyrx 6 · 0⤊ 0⤋
Not too much. List your claim with proof to the trustee and you then become an unsecured creditor. In a bankruptcy,unsecured creditors 99% of he time, get nothing as they rate second last on the order of disposal proceeds by the trustee. Usually, there is nothing left.
2006-12-20 07:32:59 · answer #7 · answered by Ted 6 · 1⤊ 0⤋
If he filed bankruptcy and listed you as one of his debts, then you can forget it you will never ever see your money. Bankruptcy, especially a Chapter 7 wipes out everything except student loans, child support taxes that are 3 years old etc. Sorry to tell you but just consider it as a lost :(
2006-12-20 12:21:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Contact a bankruptcy attorney to discuss your rights under the bankruptcy laws in your State. You can get references from the local bar association.
Bankruptcy laws have changed recently, and you may be able to get most, if not all of your money back.
2006-12-20 08:14:49 · answer #9 · answered by PALADIN 4 · 0⤊ 0⤋
oh my god, did he sign something that said you lent him money, and when he had to pay it back by? if you didnt there 's nothing you can do because he filed bankruptcy and that states that he doesnt have any money and he needs help. you might be stuck. if anything you can take him to small claim court and sue him. but you need proof that you lent him money in the first place. you always need proof.
2006-12-20 07:35:15 · answer #10 · answered by Candy 2 · 0⤊ 0⤋