Q: How to get money back?
I've invested/borrowed 19k to Mr XYZ in 2016 who is a resident of TN. Mr XYZ hasn't returned them.
I have the agreement and a notarized note. I hired a collection agency that charged me $1,700 for financial search in Mr XYZ assets. They said that Mr XYZ moved all money to a trust fund and therefore I would never be able to get my money back. However, I don't trust the collection agency as they refuse to send me a report. They might not have done anything and just took $1,700.
One of the legal consultations I had, advised me to file a small court claim. However, I'm in NY and I'm looking for a legal representative in TN who will help with filing and represent me in court.
A: If he actually has the cash protected, you will probably have to file a Creditor's Bill in Chancery. It is complicated and most competent attorneys will want a retainer plus a percentage of the recovered assets. A General Sessions Civil Warrant might expedite your recovery, but in most Counties your Judgment amount will be limited to $25K. But after obtaining a Judgment, you can start forcing the Judgment Debtor to disclose his assets.
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