“How to Collect from People that Owe Me” April 14, 2010 Living the Dream - Live E-Seminar / Conference Call “How to Collect from People that Owe Me” Hosts: Mark Kohler, CPA, Attorney at Law Mat Sorensen, Attorney at Law Dwight Beckstrand, Attorney at Law www.kkolawyers.com Telephone 435.586.9366 Facsimile 435.586.9491 © KKO Lawyers, LLP 2010 www.kohlereyrecpas.com Telephone 435.865.5866 Facsimile 435.586.9491 © Kohler & Eyre CPAs, LLC 2010 www.numberwonaccountants.com Telephone 435.865.7820 Facsimile 435.586.7702 © NumberWon Accountants, LLC 2010

Here’s what to Expect Damages from Injury Family Law Collections A\R and Tenants Loans and payments Deals gone Bad Collecting on a Judgment Any Tax Benefits?

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.

Accounts Receivable 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

Loans 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

Deals gone Bad Starting with a Demand Letter Private Investigators Mediation Law Suit and Judgment

Collecting on a Judgment What does ‘executing’ on a judgment mean? Supplemental proceedings Garnishments Repossessions

Tax Deductions Business Deduction – Ordinary Non-Business – Capital Loss Proving its ‘worthless’ Bernie Madoff Rule IRS Publication 550 IRS Publication 535

© NumberWon Accountants, LLC 2010 Living the Dream - Live THANK YOU!!!! www.kkolawyers.com Telephone 435.586.9366 Facsimile 435.586.9491 © KKO Lawyers, LLP 2010 www.kohlereyrecpas.com Telephone 435.865.5866 Facsimile 435.586.9491 © Kohler & Eyre CPAs, LLC 2010 www.numberwonaccountants.com Telephone 435.865.7820 Facsimile 435.586.7702 © NumberWon Accountants, LLC 2010