Breach of Contract - Investment Repayment

[Littleman2]

What is the name of your state?What is the name of your state? Wisconsin

Short story:

Invested $40,000 in a business I co-owned in Wisconsin in June 2001. I moved from South Carolina to Wisconsin to operate the business from August 2001 to December 2001. Business Plan outlined a $2,000 per month salary which was not paid to me and the reason I chose to leave the business operations to another partner (mutually agreed). Two other partners enlisted the aid of an attorney they paid for (I did not have the means) who drew up a contract outlining repayment of my investment that indicated $2,500.00 would be paid to me on February 8, 2002, (which I received) and the balance of $37,500.00 be paid to me on or before December 31, 2004. I have not received a dime of the $37,500.

I have called one of the partners repeatedly over the last three years to hear him reply, payment is near more times than I can count. Due to these conversations and the hope that he would commit to paying me, I have not yet sent any correspondence by mail (certified letter) requesting they make payment to me pursuant to the contract.

The accountant for the business is the daughter of one of the partners and became a partner when I left. Each of the partners owns their own businesses separate from the one I owned and invested with them.

I need to find out all my options including but not limited to:

1) Wage garnishment
2) Judgements (what good would this do if it does not garauntee payment)
3) Collections
4) Report against their credit?

Please help

 

[shortbus]

This is a private contract claim. Sue them for the amount due + fees. If they know they are in breach of the contract, I imagine your lawsuit will make a check materialize.

If not, the value of a judgment is you can record it in the county where they live and put a lien on any real estate. If they don't pay up, the real estate can be sold to satisfy your judgment.

 

[Littleman2]

I appreciate the answer Shortbus. Wondering if you have any links I may review. I suspect WI State law, which is where the business is incorporated takes precedence over any other law?

Also, any ideas on cost to review contract and could an attorney make a contract to appear legitimate (to indicate one party must pay another, in this case) but also include language that suggests I cannot sue the other party for not paying? Just wondering.

As I mentioned before, I did not have money to enlist the services of an attorney to review the contract on my behalf, so did I screw myself or would this have a bearing on my case if I go to court?

Thanks again.