- October 8, 2018
- Jeffrey A. Rubin
Let’s say you were in a car accident. You have been piling up medical bills, rent bills and other daily expenses that are driving you crazy. So you turn to your accident funding company and borrow some money. Now, finally, after many years of waiting for your lawsuit to end, the court decides your case and you are awarded $500,000. That’s a lot of change for you!.
Big Verdict, No Insurance:
However, the defendant did not have insurance to pay you your big windfall. Now you are wondering ‘how am I ever going to get my money’. Your accident lawyer then asks the judge to order the defendant to reveal all of his assets. However, you and I both know that nobody wants their money to be taken from them. So what does the defendant do? he hides his money in any way he can.
Hiding The Money:
They take their bank accounts and put it in their child’s name. They take their real estate and put it in a straw company. Lastly, they take their property and give it to their wife!. The likelihood anyone will just cough up the money they owe is next to nothing. So what can you do?
States like Florida have a process called “Proceeding Supplementary”. This allows a creditor, you, to figure out what assets the defendant debtor has. It also allows you to look at property that others are holding for him. It allows you to connect the dots on whether they are hiding money they rightfully owe to you.To have a Proceeding Supplementary you don’t need to start a new lawsuit. You can have it before the judge that tried your accident case. The judge must allow this proceeding to take place and can’t deny your request.
The next thing you do is conduct what is discovery. Discovery allows you to ask the defendant creditor basically ‘ what did you do with your money?’. You can even have this proceeding against the wife, children or friends of the defendant creditor to find the missing money. Once you comply with the request, the Court will issue a Notice to Appear to anyone you think has the hidden money.You can then ask the same questions about how the property or money ended up with this or that person.
The burden of proof often moves to the defendants and his cohorts. They must prove that their holdings are not subject to your judgment. In Florida, that applies to all property obtained within one year before the lawsuit was filed. That money or property is subject to sale or execution to satisfy your judgment.
A court will allow a judgment creditor, you, as complete relief as possible. Meaning, even finding a new corporation liable for a judgment against the alter ego of predecessor corporations. That means you don’t need to prove the corporation was owned by the defendant. Only that it was owned by another entity owned by the defendant. Wow!ottom line, Florida and other states gives you a road map to find that hidden money and property through the Proceeding Supplementary.
Of course, all this time you owe money to your accident funding company. We hope that you chose an accident funding company that will not rip you off hand over fist. Redwood Funding Group is one of the good guys. Unlike the other accident funding companies we never charge any fees, ever. We also never compound our rate of interest. Interest is how these other funders make all of their money.
Redwood Funding Group:
Redwood Funding Group is so confident that we are the cheapest accident funding company that we put our repayment amounts right on our website. Check it out and see why Redwood Funding Group should be your accident funding company.