Here are 8 Steps in the Lawsuit process that every business owner should know.
- Analysis by Opposing Counsel
- Does an attorney think they have a case they can ARGUE… it doesn’t matter if they can WIN.
- Demand Letter from Opposition
- Attach a dollar amount or resolution to the claim (i.e.: apology, $$, etc.)
- Filing Lawsuit
- Only costs $500 to file in most states and the rest is on contingency.
- To defend you will have to pay hourly.
- This is what is known as legal extortion and why most cases settle.
- Discovery
- Depositions back and forth.
- Sharing of emails, books, documents.
- Mediation
- Opposing attorneys argue their cases to each other and usually settle.
- Trial and Appeals
- Only 3% +/- of cases ever get this far.
- Judgement
- Sole Prop and Partnerships likely attached the judgement to business AND personal assets.
- Corporations receive Attachment Order.
- LLC’s receive Charging Order.
- Even if you win, you may lose!
- Collection at Debtors Meeting
- Who is in control of when payment is made?
- What assets do you have to pay the judgement?