More details to this question:
I owned an auto repair business in Ohio. I had a loan out for 5 high-value pieces of auto equipment (roughly $25k) and it was almost paid off. I filed bankruptcy on the business, but the financing company offered a settlement on the equipment. My mother paid it and has the bill of sale in her name. A relative opened the exact same business in the same location and borrowed the equipment to start up (meant to be a few months). Time got away from me as that was almost 3 years ago now. He has been promising to pay for it, but never did. Now he's looking to sell the business and my mom's equipment with it. I want the equipment back or at least some of the value. Is it too late to try to get it back? If not, I'd like to hire an attorney. What type typically deals with these types of lawsuits?
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Asset Protection and Medicaid Planning Attorney serving Cuyahoga Falls, OH
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Hopefully a formal lawsuit is unnecessary. If the equipment does not belong to him, then he cannot legally sell it. Has he refused to return the items? You may be able to sign a contract with him where you would get X amount from the sale of the business in exchange for the business keeping the equipment.
If he is refusing to cooperate or return the items you can always threaten an action under Ohio's civil theft statute. (O.R.C. 2307.61) The threat of punitive damages (triple the value of the property) often times leads to an early resolution when the facts are undisputed.
Best of luck.
Answered on Apr 06th, 2021 at 7:06 AM