Legal Question in Credit and Debt Law in Virginia
collecting personal debt
my husband died 4 years ago. he was in business with another guy and they had papers drawn up before my husbands death stating in the event of a death i had no legal rights to the company. debt or otherwise. i also have a paper which was not notarized but he and i have witnesses who signed it stating he still owes me 10,000.00 on a life insurance policy. He also did not pay company debt after he shut down the business and last year the bank took the money out of my personal savings acct. which was still in my husbands name in the amount of 6000.00 to pay for business debt. I have legal papers stating i am not obligated to business debt. I called the bank and they said they took that money because they could not find him. I know where he is. What are my odds of getting my money back if he has hidden all his assests in his new wifes name like he told me he was going to do. They are extremely well off. I am now raising 4 kids alone and am unable to work due to medical probelms. He knows this but could care less. Please help me!!!
2 Answers from Attorneys
Re: collecting personal debt
You are not likely able to pursue the bank but you may be able to pursue your husband's business partner. While hiding the assets in his wife's name may make the task more difficult it does not fully protect them.
Re: collecting personal debt
If the defaulting former business partner is no longer living in the Commonwealth, your chances are minimal
of every being able to secure an adequate redress. However, if he's still in Virginia, and you know his location and that of at least some of his assets, you could file your case in small claims court for up to $5000 at a cost of around $40.
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