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  #1  
Old 01-16-2001, 10:09 AM
sedona sedona is offline
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Join Date: Jan 2001
Location: baltimore, md
Posts: 11
hi all,
I am new to the forum, and this is my first post. I have a customer who owns a small office building that I maintain and he owes me over $600, I have been attempting to get paid from him for several months now. I just received in the mail that he is declaring bankrupt. Have any of you had this happen, do you know if i will still be able to get my money? Thanks
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  #2  
Old 01-16-2001, 10:11 AM
Scraper Scraper is offline
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Join Date: Feb 2000
Location: SE Pennsylvania
Posts: 1,654
You will have to wait for a court to decide. When they (the business) declare bankruptcy all their funds and assets are frozen. Then all the debtors petition the court for their money due. If not enough to cover all debts, amounts due are discounted.
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  #3  
Old 01-16-2001, 10:18 AM
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lawrence stone lawrence stone is offline
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Join Date: Jan 2000
Location: anthracite valley, commonwealth of pennsylvania Winter residence: Charlotte County FLA
Posts: 2,079
Since you are not a secure creditor you are SOL.

Don't not perform any more services unless cash in advance.

You could perform round up "drive bys" at his home site bi monthly but don't ever expect to see any of that $600.
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  #4  
Old 01-16-2001, 10:19 AM
Eric ELM Eric ELM is offline
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Join Date: Dec 1999
Location: Chicago, IL USA
Posts: 4,831
We had a customer that owed us for 2 months of mowing. He always paid us by check, but the last time we mowed that lawn, he walked out and gave us cash for 1 month and the next day he commited suicide. We were able to deduct that as a loss off of our income for that year. Talk to your tax person about this, since it doesn't look good for you to get your money from this guy.
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  #5  
Old 01-16-2001, 10:30 AM
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KirbysLawn KirbysLawn is offline
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Join Date: Jun 2000
Location: Just east of Charlotte, NC
Posts: 3,486
I think Stone used the correct letters SOL. Jumbo Sports still owes me $3500.00, being a service company I'm last in line, just got my SOL letter about 2 weeks ago. Move on....
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  #6  
Old 01-16-2001, 10:38 AM
moonarrow moonarrow is offline
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Join Date: Dec 1999
Location: Chatham, La. USA (northeast)
Posts: 223
You might try going to the court house and filing a property lean, I know this worked for my son-in-law on an apartment complex that he maintained. and will get your name in the hat
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  #7  
Old 01-16-2001, 02:53 PM
Eng Mwr Guy Eng Mwr Guy is offline
Gravely Manufacturer
 
Join Date: Jan 2001
Location: Appleton, WI
Posts: 249
Do not plan on receiving a dime.

Write off is the best you will see.
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  #8  
Old 01-16-2001, 02:58 PM
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mowerman90 mowerman90 is online now
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Join Date: May 2000
Location: Spring Hill, FL
Posts: 1,463
I still have a Builder who has owed me over$1800 for the past 10 years. Best to chalk it up to experience, forget about it and move on.
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Kreiling's Lawn & Landscape Service
Spring Hill, FL (West Central FL)
http://www.klawns.com
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  #9  
Old 01-16-2001, 03:22 PM
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Runner Runner is offline
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Join Date: Jul 2000
Location: Flint, Michigan
Posts: 13,494
Eric, Commited Suicide? I didn't think you were all that bad!
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Thank you, Dad - for always being the dad that you were. You truly are my hero. You always were.
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  #10  
Old 01-16-2001, 04:20 PM
TJLC TJLC is offline
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Join Date: Jul 2000
Location: Port Charlotte, FL
Posts: 1,308
I read in the front section of my Dome bookkeeping book that you can claim bad debts "if previously reported as income." I asked my accountant about that and he said forget it and move on.
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