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Ph happy days. Just heard DH's broker is claiming bankruptcy.

Posted: Sep 23, 2010

He owes DH $2300, which is minor compared to others who are owed 5 figures, working without pay since last year. Why did they let it build up that high? The guy always paid on time until last year. Then it got sporadic. DH onlyl worked a couple days for him this year then stopped when he heard the guy wasn't paying.

He put a claim in at Small Claim's Court last month and his hearing is on the 29th, but I doubt he will come home with a judgment to pay. He has to travel 100 miles just to hear this news, but we really need this money.

We think he got paid from all the FEDERAL and STATE jobs but just pocketed the money. Does anyone know what else we can do so that he can never, ever start up again?

We do plan to file in Bankruptcy Court, but is it worth it for 10 cents on the dollar (if that)? Is that the 'going rate'? How long after filing would DH have to wait for his pittance? He is an LLC.

BTW, DH worked for this guy for 10 years withut a problem. Where's this guy's loyalty? Nice, huh?

;

Should have stated truck broker, not stock broker. Sorry. (nm) - Backwards Typist

[ In Reply To ..]
.

Is it possible to file a suit in small claims to try - to put a lien on physical assets?

[ In Reply To ..]
Once when someone owed me money for service work I did as them (non-MT) as a private contractor, I knew they wouldn't appear in court, I would automatically win, and I was all set to attach one of the vehicles they owned. It wasn't new, but I knew I could sell it cheap and fast, and get my money out of that.

Not if he aready started the process. - Backwards Typist

[ In Reply To ..]
I've been reading up on the bankruptcy law (what fun!). If I understand the rig-a-marole(sp?) right, if he didn't start the process, then we could probably put a lien on his business but not him personally, but I have a feeling he filed already. Why else would he "defend" DH's claim?

It depends on if he's filing Chapter 7 or 13, too. I would think it would be Chapter 13 because he is a business. In that case, no, we can't do that. We would have to sit back and wait and see what happens....and that could take years.

Truthfully, I think we are out of luck and will have to just file our taxes this coming year with a write-off of the debt.

One of the other owner operator was willing to settle for 70% on one job that he did. In that case, all the o/o would have to settle for the same amount whether we like it or not unless we would file an objection and it wouldn't matter what jobs any o/o did.

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