Defendant has no assets..Worth pursuing?

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.

LifeLock Identity Theft Prevention - Save 10%

I loaned 2 friends(a married couple) money to make a down payment on a car. I have a letter stating the facts of the loan with payment requirements with both of their signatures on it. The case is pretty much cut and dry as far as that goes. I would win in small claims no questions about it. However, even though they both have steady jobs, they have no assets. The car that I loaned them the money for is being financed, they have no real estate, or no house. They are renters and basically have nothing of their own. I was told that before you consider suing, you have to make sure the defendant is able to pay you. I know there are other options like wage garnishment but I researched that and Florida does not allow you to garnish head of household's wages. I could garnish the other parties paycheck but they have to make a certain amount to be eligible for garnishment and I am not sure if they make the certain amount. Do you think it is worth it, or am I wasting my time?

Defendant has no assets..Worth pursuing?

Will they ever, in the future, have assets worth anything? Probably, as they get older.

There is a statute of limitations for debts, and after that time passes, you will be forever barred from collecting on this debt. Your best bet would be to sue them before the statute of limitations runs out. This way you will have a judgement against them in case they ever do acquire any assets. This jugement will also let you levy their bank accounts or garnish their wages in the future.

FirstPrevious12 3 4 5 Next End

Defendant has no assets..Worth pursuing?

Topic