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bankruptsy

sedona

LawnSite Member
Location
baltimore, md
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
 

Scraper

LawnSite Bronze Member
Location
SE Pennsylvania
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.
 

Eric ELM

Husband, Father, Friend, Angel
Location
Chicago, IL USA
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.
 

moonarrow

LawnSite Member
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
 

mowerman90

LawnSite Bronze Member
Location
Spring Hill, FL
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.
 

Runner

LawnSite Fanatic
Location
Flint, Michigan
Eric, Commited Suicide? I didn't think you were all that bad!
 

TJLC

LawnSite Bronze Member
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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