An undischarged bankrupt collided into my car and undertook to compensate me. He wrote me an IOU but he does not want to pay me now. What redress can I seek to recover the money?
2007-05-18 02:42:57 · 4 answers · asked by calvin o 5 in Business & Finance ➔ Credit
If his bankruptcy was dismissed and he is not being discharged you can submit him to collections and we can sue him for you and enforce a judgment. Just email me.
But if he filed bankruptcy and is in the process than he has a leave of stay and you need to leave him alone till we see what happens.
Did he include you in his bankruptcy?
BTW...if you were insured and have uninsured motorist your insurance company needs to cover it and than the guy will be in whats called subrogation. You dont have to worry about it anymore.
And BTW...an IOU will hold up in court if its signed and dated.
Good Luck
2007-05-18 14:01:42 · answer #1 · answered by smile4cobra 3 · 0⤊ 1⤋
I certainly hope that you filed a police report, because without it you are going to have problems.
I assume from your question that this person has already filed for bankrutpcy, but it has not been discharged. That means he can not include you into his BK, and you are free to sue him in court. Collection is another matter.
If he has not filed BK yet, he can include you in the bankrutpcy. The only way you will be able turn it into a non-dischargable debt is to prove the accident resulted from intoxication. And since you don't appear to have a police report that kills that idea.
Not sure if that IOU will hold up in court. You may need to consult a a lawyer to see what your local court rules say....and definately contact the trustee for his bankrutpcy.
2007-05-18 15:25:51 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Did he have insurance? If so file it with his insurance company. If not, file it with your insurance company and let them deal with it. Otherwise, you have to file a proof of claim in the BK court and you will probably get a few cents on the dollar if anything. Even if he was already in BK when he hit you, this would be covered by the BK. The fact that he did not list it means that it would not be discharged but he can always go back and amend his petition. You do not say whether he is a Ch. 7 or Ch. 13 BK.
2007-05-18 09:51:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Was he already in bankruptcy when he hit you? When one files for bankruptcy, it only affects the debts that you list. If he hit you after he filed, then his IOU that he wrote you is not affected by his bankruptcy.
If he filed for bankruptcy AFTER writing the IOU, you must petition the bankruptcy court, but it's unlikely that you'll see anything, since you're an unsecured creditor.
2007-05-18 09:45:59 · answer #4 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋