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Updated almost 9 years ago,
Collecting on Fraud Judgement on a agent and RE scam
Hey BP. I have been contemplating on whether or not to post. But if anyone can help, I'll probably find it on this form.
I won't go into too much detail, but will paint general picture. Myself and partners invested a significant amount of money with an agent in North Carolina to develop land that he owned, then split up and sell. The agent ended up keeping our money, claimed he needed it to keep his business afloat and tried to file for bankruptcy. We took him to court, won a judgement with punitive damages (triple the amount).
Even after he filed for bankruptcy, we were not discharged as debtors. BUT, he put his wife on title of his properties. Apparently in NC, if your spouse is on title, it essentially becomes untouchable to debtors. This coupled with the fact that NC doesn't allow for wage garnishment, we are essentially left with a useless fraud judgement. The only positive is that we went to RE commission and his license was suspended for 3 years?
We have a judgement for 10 years, which can be extended for another 10 (20 total), but we essentially have a useless fraud judgement. Any suggestions or strategies on how to go about collecting sometime down the road?
Thanks in advance