QUESTION
over a 10 year period, I loaned $130,000 to a friend, but in 2009 he told me he didn''t want to pay back the money anymore. How do I get my money back?
Asked on Jan 24th, 2012 on Debtor and Creditor - Arizona
More details to this question:
I have stacks of "BAD" checks that he had signed and dated and put a $2,000 amount on. I was suppose to cash in one check a month, so the loan would eventually clear up sometime in 2014. But, right after he told me he didn''t want to pay back the loan he closed the checking account and I''m left with a stack of bad checks. He owns a real estate office in Arizona under the (Cochise County), he is still open for business, therefore i don''t think he has filed for bankruptcy. I don''t have a written contract, but I do have receipts, paper documents, and checks as proof of me loaning him this money. He also has a lot of property, however I don''t know if he has transferred his property to a family members name or something. Could this be considered fraud? and if he is transferring his property to family members as a way to hid his estate could I still sue him and get my money back?
1 ANSWER
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Under Arizona's bad-check statute, A.R.S. Sec. 12-671, an attorney can send a demand letter to the person (debtor) who wrote you the bad checks. The debtor then has 12 days to pay you all the money owed (the total of the bad checks). If the debtor fails to pay you in full within the 12 day period, then you can sue the debtor and obtain a Judgment for twice (2X) the amount of the bad checks, attorney's fees and court costs. After Judgment is obtained, an attorney who handles post-judgment collection may garnish wages of the debtor, seize/levy money in the debtor's bank accounts, as well as take other actions under Arizona law. Because you have stated that the checks may be several years old, time is f the essence in bringing your legal claim. Otherwise your claim may be denied due to a statute of limitations problem (waiting too long to file a lawsuit). You should act immediately if you wish to pursue your claims.
Answered on Feb 01st, 2012 at 12:25 PM