I am a realtor and I made a business loan to another realtor and he defaulted on the loan. I found out after I took him to court that he filed for bankruptcy a year prior to me taking him to court.
What are the steps for claiming to this loss? I have spent $6,000.00 in attorney fees and no payments from the defaulted realtor. What forms do I use to claim this loss?
My companion and I own a two member LLC. We own one rental property within this two member LLC.
Do I need to send anything to this defaulted realtor? The publication 550 is not very clear on the process.
I would appreciate any help and/or guidance.
It would helpful if a publication number, section and/or page could be cited so I could read and understand what I am are required to do.
Thanks
