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Posted 08/04/2011 12:50 pm
nod2003, no offense taken! Each person has a (usually) very different outlook on situations dependent upon their own bias (experience) on the matter. Quite true, the lawyer(s) will almost always walk away with the largest piece of the pie. A lawyer costs the most when they have to actually appear in court.
However, that does not mean (if you are confident enough) that you cannot hire an attorney for purposes of consultation and paralegal services. This is comparatively less expensive. If the attorney is confident enough after an initial consultation, he may even work for you under contingency.
In many jurisdictions, the attorneys may be awarded their fees in the adjudication. And, after adjudication, any unpaid judgment will begin to acrue interest. Here in Wyoming, we get 10% per annum on the original judgment.
So, figure if the payment made to the seller was $1200, treble actual damages would bring that to $3600. Now, even if the judge ruled no punitive damages in your favor, that is still a 200% profit.
Naturally, there is going to be some work involved, but that is still a pretty good turn around. Now, in Wyoming that would also be an extra 82 cents daily until the balance had been paid to you. All you have to do is make the attempts to collect (send a monthly bill) and you can keep making that interest.
If you would rather have the cold hard cash, you could always sell the debt for $1500 and let someone else collect it. That is still an equitable profit. Or, you can simply garnish the full award through court action, which will only cost another $20-30 out of pocket.
When investing, these are actions to always consider prior to making your investment. You should have a take on all possible angles to the transactions you make. And you should always have a clear and concise exit plan to every eventuality.
If you are a serious investor, you should be able to retain the consulting services of a lawyer for as little as $300-500 annually. This will also help build a relationship with an local attorney and could give you better fees overall if you need to use him/her for other purposes.
Anyway, that's my take on the situation. Personally, I would rather receive a Treasury check for the amount (or just under) that I lost and have the "scum" sitting in prison for fraud for however long the Postal Inspectors/DoJ were able to convince a judge was necessary. In this way, even more people are protected.
However, that does not mean (if you are confident enough) that you cannot hire an attorney for purposes of consultation and paralegal services. This is comparatively less expensive. If the attorney is confident enough after an initial consultation, he may even work for you under contingency.
In many jurisdictions, the attorneys may be awarded their fees in the adjudication. And, after adjudication, any unpaid judgment will begin to acrue interest. Here in Wyoming, we get 10% per annum on the original judgment.
So, figure if the payment made to the seller was $1200, treble actual damages would bring that to $3600. Now, even if the judge ruled no punitive damages in your favor, that is still a 200% profit.
Naturally, there is going to be some work involved, but that is still a pretty good turn around. Now, in Wyoming that would also be an extra 82 cents daily until the balance had been paid to you. All you have to do is make the attempts to collect (send a monthly bill) and you can keep making that interest.
If you would rather have the cold hard cash, you could always sell the debt for $1500 and let someone else collect it. That is still an equitable profit. Or, you can simply garnish the full award through court action, which will only cost another $20-30 out of pocket.
When investing, these are actions to always consider prior to making your investment. You should have a take on all possible angles to the transactions you make. And you should always have a clear and concise exit plan to every eventuality.
If you are a serious investor, you should be able to retain the consulting services of a lawyer for as little as $300-500 annually. This will also help build a relationship with an local attorney and could give you better fees overall if you need to use him/her for other purposes.
Anyway, that's my take on the situation. Personally, I would rather receive a Treasury check for the amount (or just under) that I lost and have the "scum" sitting in prison for fraud for however long the Postal Inspectors/DoJ were able to convince a judge was necessary. In this way, even more people are protected.
