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

Here’s what to Expect I. Damages from Injury II. Family Law Collections III. A\R and Tenants IV. Loans and payments V. Deals gone Bad VI. Collecting on a Judgment VII. 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.

- - 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 IRS Publication 535 Tax Deductions

Living the Dream - Live THANK YOU!!!! Telephone Facsimile © KKO Lawyers, LLP Telephone Facsimile © Kohler & Eyre CPAs, LLC Telephone Facsimile © NumberWon Accountants, LLC 2010