• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Takin to the Cleaners?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

K

Kim63

Guest
What is the name of your state? Oklahoma

I purchased a laundramat about a month ago, based on the financial statement and schedule C provided by the previous owner. After a couple of weeks, it was obvious the business only runs about half of what the previous owner stated. Unfortunately this amount is not enough to pay expenses and I am quickly going in the hole and am afraid I'm going to lose my house and ruin my credit. I have now been told by previous employees that the previous owner had two laundramats in the same city.. He sold off all the assets of one business and sold the other laundramat to me, and had combined the income of both businesses using the address of the laundramat I purchased. One attorney told me that I was responsible because I didn't do my homework. Another told me this was clearly fraud but wanted $5000 up front to pursue the matter.. Any advice would greatly be appreciated!!
 


I AM ALWAYS LIABLE

Senior Member
Kim63 said:
What is the name of your state? Oklahoma

I purchased a laundramat about a month ago, based on the financial statement and schedule C provided by the previous owner. After a couple of weeks, it was obvious the business only runs about half of what the previous owner stated. Unfortunately this amount is not enough to pay expenses and I am quickly going in the hole and am afraid I'm going to lose my house and ruin my credit. I have now been told by previous employees that the previous owner had two laundramats in the same city.. He sold off all the assets of one business and sold the other laundramat to me, and had combined the income of both businesses using the address of the laundramat I purchased. One attorney told me that I was responsible because I didn't do my homework. Another told me this was clearly fraud but wanted $5000 up front to pursue the matter.. Any advice would greatly be appreciated!!

My response:

Advice about what?

IAAL
 
L

luvtwinz

Guest
We Had A Similar Situation But With A Different Type Of Business. We Were Told And Shown The Assests/liabilities Were Different Than They Actually Were. We Did Retain An Attorney Who Felt We Were In The Right On Many Of The Aspects Of The Contract. Needless To Say We Are 2 Yrs In And $50,000 Later And Still No Answer Or Court Date. The Seller Can Not Even Get A Valid Complaint Into The Courts But We Are Paying For It In The Meantime. He Has Unlimited Resources From His Now Girlfriend(15 Million) And Can Afford This. Wondering If He Can Just Keep Filing Law Suits That We Have To Respond To For The Rest Of Our Lives?! Is There Any Recourse On Our Part??? At This Point We Are Going To Have To Refinance Our House To Pay The Attorney. I Just Want To Get Into Court And Get An Answer One Way Or Another So We Can Move On. By The Way I Live In Illinois. And To The Original Poster I Hope Your Situation Turns Out Better Than What Ours Has So Far......
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top