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Bankruptcy
Hi a friend of mine is starting a business in a different country, he gave me his savings so I can transfer it to him when he gets there and start the business. After transferring the money I found out his savings was a loan, he is now going to claim bankruptcy and start a life in a different country. I thought I was helping a friend and now I feel involved in his bankruptcy. Can the loan company come after me because I sent him the money?
I have no joint accounts with him, he was just a friend, he gave me the funds in a bank cheque so I thought it was good money... Should I be worried?
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Maybe give some free advice about: Personal Finance?
To your follow up question: You really need to ask this of a Lawyer. There are too many variables that I am not aware of such as; in what form did he give you the money, the laws in your state and the fact that I am not a lawyer. The fact that I am not a lawyer makes it wrong for me to advise you on something this important and what could be potentially devastating to you. Please see a lawyer.
If you can not afford a lawyer check with the local legal aid council to see if they can help you. You can also check to see if there are any legal clinics that might be able to advice you on this matter.
The Bank is going to want it's money back. Filing bankruptcy does not always relieve a person of their debts. In many cases some or all of the debt has to be paid back. Usually over a period of time. The only difference is interest stops accruing. It all depends on the type of bankruptcy he files. The fact that your friend has left the country is also a red flag for he may be in a country where are laws can't touch him.
Just what your involvement in all of this is, legally I'm not sure. At the very least you could be an unwitting co-conspirator. At worst your friend, which depending how this plays out may not be much of a friend, as he may have left you holding the bag.
I would suggest you be proactive and do as Gunner suggest and retain a lawyer. Depending on the laws in your state you may be held responsible and made to pay back the loan or you can be seen as I said an unwitting co-conspirator. A lawyer would know for sure and know what is the best way to keep you involvement in this to a minimum.
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damn. if you are absolutely positive this is what he has done, go to a lawyer. explain everything in exquisite detail, and the lawyer will know what to do. depending on the jurisdiction, you may be charged with obstruction or aiding and abetting for not telling somebody.
-Gunner
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