QUESTION
What is my best route to collect money owed to me.
Asked on Jan 13th, 2014 on Breach of Contract - Florida
More details to this question:
I invested $10,000.00 into a business with a notarized contract stating that if he defaults he is responsible for all legal fees. I have been trying to get my money back for over a year now with very little success. Do I sue for the money or put liens on his assets. I'm not sure what route to take in this matter.
1 ANSWER
Business Formation Attorney serving Tampa, FL
at
Moffa, Sutton, & Donnini, P.A. - Business Law Division
Update Your Profile
Sounds like you’ve got a breach of contract on your hands. However, you can’t just go putting liens on property. You’ll need to sue (unless the contract specifies arbitration or a mediation first) in county court. Of course, I don’t have all of the facts so I can’t say with any confidence the strength of your case. That said, the contract is the key here. I would say it is time to sit down with a business litigation attorney to review the contracts and discuss all of the facts. With that, the attorney will be able to give you a better idea of the nature and strength of a potential suit as well as the process and potential costs. Also, you mention that the contract specifies that in a default (breach), the business (or the personal guarantor) is obligated to pay legal fees. This means that if you are successful in obtaining a judgment, the Court will award you legal fees in addition to the $10,000. From there, you will have to take the necessary steps to turn the judgment into payment.
Answered on Jan 13th, 2014 at 1:04 PM