Maryland | Business Law
4/11/08, 9:49 am
Legal Question
Lien problem after chap 7 bankruptcy
A friend sold me a piece of farm equipment and I paid $50K for it. I don't have a bill of sale-only my canx check. He filed Joint No-Asset Chap 7 bankruptcy/Discharged Jan 08 and lost his home and everything due to real estate decline. Company now going to repo equipment due to lien. He's borrowed money from parents to give me $25K cash as settlement. Not enough for me. Should I sue him or accept $25K and claim on taxes as bad debt? Should I charge him with fraud? He has no assets and is self-employed. Note: Money I gave him to pay for machine was put on hold by his bank when he deposited the check due to past due loans with them.
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Read More Answered By: Lawrence Holzman |
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