My mom lent 20k to a buisness owner but the business owner doen't want to pay back.?

Question

My mom lent 20k to a buisness owner but the business owner doen't want to pay back. I already talked to a cop, he told me to call a lawyer. Then I talked to a lawyer, the lawyer told me it will be expensive to hire him and he doesn't guarantee my mom will win the case.

All we have, is a 20k check from the business owner. What should we do now ?

Please help me!!

There is no money in the acount, he told us to hold on the check as a proof.

Answer 1

Cash the check, and when it bounces proceed to collection efforts.

But this is the risk of investing in early stage business - do you have a clear contract with a clear promissory note to repay you? Did you buy part of the business, part of the cash flow, or what?

It also depends on the structure of the business - is it incorporated, and properly?

Unless the answer to that is yes and yes, then you may be able to go after the personal assets of the owner, such as his car or house.

Realistically, you are going to need to renegotiate. Depending on the state and nature of the business, you could take some of the revenue before anyone else, part of a profit stream, a percentage ownership, or a revise promissory note, and so on. You could demand an active role in running the business. There might be liens you can place. Maybe you can force the business into bankruptcy. Or identify and negotiate with other creditors. Or take control of some assets and sell them yourself. etc.

All this or more is what you would be paying the lawyer for. Of course you can talk to as many lawyers as you want until you find one you like and who has a payment plan you can live with.

BTW, I'd insist on the very least on replacing the 20K check with the same amount in 10 dollar checks dated on consecutive days over a 45 day period.

Then deposit them on the day due.

Most will bounce, and the bank will get upset at him (and charge an arm and a leg for the privilege) But in the meantime, maybe some will go through and you will get some money.

More likely to be small amounts available in his account then 20K at any given time.

Answer 2

on condition that the purpose is yet another revolution. no it is easy to could demonstrate who they voted for or their political place to an business organization. Their employment could be consistent with a quantity different issues, like in the event that they meet the tutorial standards of the interest, their interest overall performance, attendance, and so on. Politics should not be interior the workplace.....or the church.

Answer 3

Your mom lent 20k to a business owner.
All you have now is a 20k check from a business owner? i don't understand. It sounds like he did pay you back.
Please explain.