Posted by John Merchant on December 28, 2006 at 15:44:16:
The J debtor lost his case (if any) against the J holder so have no fear in what he might assert against you as it’d now be tossed as frivolous.
Just exercise caution so you’re not buying a pig-in-a-poke that you can’t ever quite grab or collect.
As far as the J debtor having declared BK, I’d check his local BK Clerks office to see if he has filed a BK there.
Also I’d buy a credit report on him before committing to buying the J so I’d KNOW what the guy’s credit is…Fed law says you and I as potential interest holders in the guy’s liabilities have the absolute right to go get his credit so you please take advantage and do that.
Maybe also use some search engine like www.knowx.com and get full info on the guy upfront and before you spend any big bucks on it.
Remember also that you’d have the right to depose him or make him answer, under oath, written interrogatories under his state’s statutes as to what he now owns, etc. and any local trial lawyer would know how to do that for you for a fee…or you could just track those statutes and do it yourself with no lawyer.
Posted by Bill Taylor on December 27, 2006 at 20:49:12:
I have an interest in buying judgemtns in my area from other landlords or however they were created. When I aksed my attorney what kind of paperwork I would need he some said he was kind of worried about collecting someone elses debt. he was concerned about getting sued, od I ahve anything to worry about? I think I have a system for getting some of these old debts collected and want to make a run at it.
Posted by Bill Taylor on December 27, 2006 at 22:35:58:
You are right to an extent, I have my own little bit of success with this but I do not want involved in something that could cause a legal backlash from some deadbeat. Most of the Gurus taht have a system is mostly you got the judgement there you go collect it. The information that they give you on collecting that I have seen so far I could gather from a deadbeat. Not quite what I am looking for. All the info I want is what kind of legal entaglements can I get involved with from the debtor. Can they sue me and win for some rediculous reason? What happens of I happen to attempt to collect from someone that had previously filed bankruptcy, do I get a warning? If not how do I protect myself from this situation?