Living the Dream - Living the Dream - LiveLive

““How to Collect from People How to Collect from People

that Owe Me”that Owe Me”

April 14, 2010

E-Seminar / Conference Call

Hosts:Mark Kohler, CPA, Attorney at Law

Mat Sorensen, Attorney at LawDwight Beckstrand, Attorney at Law

www.kkolawyers.comTelephone 435.586.9366Facsimile 435.586.9491

© KKO Lawyers, LLP 2010

www.kohlereyrecpas.comTelephone 435.865.5866Facsimile 435.586.9491

© Kohler & Eyre CPAs, LLC 2010

www.numberwonaccountants.comTelephone 435.865.7820Facsimile 435.586.7702

© NumberWon Accountants, LLC 2010

Here’s what to ExpectHere’s what to Expect

I.I. Damages from InjuryDamages from InjuryII.II. Family Law CollectionsFamily Law CollectionsIII.III. A\R and TenantsA\R and TenantsIV.IV. Loans and paymentsLoans and paymentsV.V. Deals gone BadDeals gone BadVI.VI. Collecting on a Collecting on a

JudgmentJudgmentVII.VII.Any Tax Benefits?Any Tax Benefits?

Injury Injury

- Take Pictures at the scene of the accident. - Gather names and phone # of witnesses.- Get insurance information of other drivers/autos.- Seek medical care. - Take photos of injuries/wounds. - Time limits to file claims. - Don’t speak to insurance adjusters or give

statements (except to police) before talking to a lawyer.

- Do not sign any liens or releases of information without talking to a lawyer first.

- You may be entitled to wage losses, medical costs, and pain and suffering.

Family & Support

-- Do you have a final order from the Court?- Has the ex-spouse violated the order?- Once an order is in place certain

government assistance may be available for collection of child support (UT- ORS, CA – CSS).

- Contempt of Court for violation of a Court order.

- Child Support failure to pay may result in criminal prosecution.

- No statute of limitation in CA. UT w/in 8 years.

- Non-child support obligations such as alimony or property settlements may be more difficult to collect.

- Nearly impossible to bankrupt child support or alimony.

- Proper verbiage in Service Agreement

- Regular and consistent collection letter and phone call

- Turning it over ‘to collections’

- Different between law firm and collection firm

Accounts Receivable

- Was it documented in writing

- Secured versus Unsecured

- Statute of Frauds issues

- Starting with a Demand Letter

- Accelerate note, default rate

- Notice if secured

- Small Claims Court

- Lawsuit and Judgment

Loans

- Starting with a Demand Letter

- Private Investigators

- Mediation

- Law Suit and Judgment

Deals gone Bad

- What does ‘executing’ on a judgment mean?

- Supplemental proceedings

- Garnishments

- Repossessions

Collecting on a Judgment

- Business Deduction – Ordinary

- Non-Business – Capital Loss

- Proving its ‘worthless’

- Bernie Madoff Rule

- IRS Publication 550

- IRS Publication 535

Tax Deductions

Living the Dream - Living the Dream - LiveLive

THANK YOU!!!!

www.kkolawyers.comTelephone 435.586.9366Facsimile 435.586.9491

© KKO Lawyers, LLP 2010

www.kohlereyrecpas.comTelephone 435.865.5866Facsimile 435.586.9491

© Kohler & Eyre CPAs, LLC 2010

www.numberwonaccountants.comTelephone 435.865.7820Facsimile 435.586.7702

© NumberWon Accountants, LLC 2010