Re: Large Personal Loan Recovery

The debt is large enough, with potential assets to pay it, that it should be worth seeing an attorney to get a judgment and collect it. Act quickly, as the sooner you get your judgment and perfect it, the more likely you are to get paid.

Even if he files bankruptcy, your security interest (assuming it is good) puts you in line ahead of the unsecured creditors, and it is possible that your debt may qualify as non-dischargeable and survive bankruptcy.

Re: Large Personal Loan Recovery

In my opinion, you need to hire an attorney if you want a chance at getting that money back. Otherwise, he may well ignore you and file bankruptcy. If you hire me, I can file a lawsuit, and might try to attach property pre-judgment. I would also try to get a judgment as quickly as possible so I can start executing that judgment. I can also negotiate with criminal prosecutors to try and get restitution to you. You may have to hurry also because other people he defrauded may be going after his money, and he may not have enough for everyone. Based on the document, and whether you are a secured creditor or not, there may be other options depending on the law but again you should act quickly. Otherwise, we will have to follow the money through bankruptcy and hope to be paid by the trustee. Please contact my office.

Best,

Daniel Bakondi, Esq.

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Re: Large Personal Loan Recovery

Attorney Bakondi is correct - you need to act swiftly, and do this right as you are only going to have a small window within which to possibly recover anything from this guy. You may still have options even if he files bankruptcy - we are often successful in defeating bankruptcies or at least prosecuting an action to have the debt declared non-dischargeable. Getting a judgment as fast as possible will help you immensely. There isn't much you can do outside of filing suit. Good luck - that is a lot of money to lose.

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