Thursday, August 4, 2011
Question about bankruptcy, I own several properties and owe an attorney money? MONEY PROBLEMS? Im only 28?
Wow. Okay. I will discount a lot of what is going on to your youth. You have the right idea but have gone about it the wrong way in some cases here. No problem, it's called learning. You state that the loan to the attorney is not in writing - great !! stop paying him. Let him sue you. And stop wasting everyone's time feeding him leads. He has no right to demand that for you. If he sues you, he needs to show an accounting of what was paid to him etc. Since you don't even know how much you owe him and are just blindly paying him, that actually would be a good thing to do, get sued by him. He will HAVE to provide an accounting of what is going on. Meanwhile you need to incorporate your business asap - this will get everything out of your name. And you need to put a few of the properties up for sale asap as well to get your cash flowing again. Real estate being crappy right now everywhere, that may not ease the problem as quickly as you want it to. You don't mention if any of you work outside of this business. Someone needs to. Someone needs to get a job, or all of you get part time jobs to bring in money, and work on the properties in your spare time. That will ease the strain on the expenses of the business until real estate prices come back. I hope you have kept excellent records of everything that is going on, especially regarding the unscrupulous lawyer. I would also contact the bar assoc. in your state and report him for what he is doing to you. Make sure you have proof. He can't demand you feed him leads and then not credit you for them. Everything about this guy smells. Good luck.
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