I have not sued because this person owes other people money and sold his house to his father for $1 ( he has no assets and would not pay a court order anyway). Can I put a lean on his father's other property? The $1 house was bought by the city to improve the street it was on. That house has already been demolished.
2007-07-04 06:09:14 · 6 answers · asked by pas l 1 in Business & Finance ➔ Other - Business & Finance
I went to the police. They will not do anything because the money was taken from a business we had together
2007-07-04 06:16:55 · update #1
He owes alot of people money. His credit is already in the toilet. He is also 39 years old living in his parent house. I want to be able to get back the money by attaching a lien on his parents house.
2007-07-04 06:21:18 · update #2
He also doesn't work he lives off social security from an accident he was in. Lawyers have told me it will cost me at least 5k. I don't want to throw anymore money at this.
2007-07-04 06:28:03 · update #3
I like your answer shiprepairwoman. My next question is does he owe tax on total value of the gifted house or just whatever equity it may have had at the time?
2007-07-04 06:48:22 · update #4
Go to the police get a report, take it to court. He might not pay soon but find a way to make his life a living hell until he decides to fork over money or assets worht the $25k
2007-07-04 06:12:59 · answer #1 · answered by Gengis 6 · 0⤊ 0⤋
You aren't going to be able to put a lien on other property his dad owns - the debt is from him, not his parents. You might or might not have a chance of some recovery on the property he sold for $1 to his dad, especially if he got a lot from the city for it, but even that would take significant effort in the courts, and cost a lot. Talk to a lawyer if you want to consider pursuing this.
Unfortunately, if he doesn't have any money, job, or assets, there probably isn't a lot you can do. Sometimes life just isn't fair.
2007-07-04 14:20:24 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You could sue but if you get a judgment and he has no assets you can't collect. If he ever gets assets you could collect or garnish payroll checks. If you have a good attorney that could prove he gave away his house to evade debt he could go to jail for fraud but you may not get his dad's money.
He could have been given money from his dad but you may not be able to find it to attach the bank account.
You may never get your money back if it was unsecured debt.
Revenge may be your next step. Forgive the debt and send a 1099 and the IRS will collect taxes on the income from the debtor. Report them to the IRS for not filing a gift return for the gift to his dad, the sale for a dollar would be a gift of the difference of the house value and the dollar.
2007-07-04 13:20:25 · answer #3 · answered by shipwreck 7 · 2⤊ 0⤋
Take him to court - don't bother with the police - they can't help.
After the court settles in your favor, you can place the judgement on his credit report - and in some states - you can file to have his pay garnered to pay you back.
You can't get a lien on his parent's property - they have nothing to do with the debt.
Get the judgement from court, and keep tabs on him. Whenever he decides to get his life together, place liens on any property and assetts he acquires - and garnish any and all wages he ever earns - even if it is McDonalds
2007-07-04 13:22:16 · answer #4 · answered by Mike Frisbee 6 · 1⤊ 0⤋
So don´t worry about the other people, worry about your money.. Go to the police and take him to Court...
Good Luck..
Bcn_mimosa
2007-07-04 13:16:50 · answer #5 · answered by bcn_mimosa 5 · 0⤊ 0⤋
you have no rights to his property since it was sold.
you can sue him & have a judgement placed on his credit report. when creditors pull up his file, they'll see that he owes you money.
2007-07-04 13:14:40 · answer #6 · answered by hi91977 3 · 1⤊ 0⤋