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    2sueornot2sue's Avatar
    2sueornot2sue Posts: 1, Reputation: 1
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    #1

    Jan 31, 2007, 10:17 PM
    Sueing family for $50,000
    I sold my half of my business to my brother two years ago. All paperwork was done with a lawyer and he signed an agreement to pay me $50,000. He now refuses to pay any of it saying that he lost money in a previous business venture with me over ten years ago and therefore does not owe me anything. He continues to operate the business with a profit and owns a home and apartments with his wife. What are my chances of collecting from him when I win a judgement against him. Would the legal costs be more than the actual amt. owed?
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
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    #2

    Feb 1, 2007, 04:58 AM
    Read your agreement he signed, if it states that the $50K is to be pay to you than the agreement is a contract.

    Give him a Notice of default on the agreement and he has 30 days to cure the default of further legal action will be taken.

    Speak to attorney in your area and even the one you did the agreement, if court action is required than you fees for the attorney can be included if you win.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Feb 1, 2007, 06:30 AM
    I will assume the agreement was legal and binding, and should have listed penalties and what happens if and when he did not pay.


    And I would hope and assume you listed the business to guarntee the loan or debt making it a secure debt, where you have a lien on the business.

    But how well you will do will all depend on how good that agreement was.

    This is time for an attorney to review everything.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Feb 1, 2007, 07:30 AM
    I agree with the other answers. But his claim is a kicker here. If you sue him, then he may be able to countersue you for the losses from the previous business. I say may because the SOL may have passed on that.

    If you have a valid contract for the sale of this business, then you will win.
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