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Lawmoe
Lawmoe, Criminal Defense Lawyer
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My business and I are in Michigan. Nearly four years ago, ...

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My business and I are in Michigan. Nearly four years ago, former friends loaned my wife and I nearly $80 000 to start a chiropractic office. After the fact (after the business was open) and while my wife and I were taking care of our premie in the hospital, The loan was given an interest rate of 25 % !! Is this usury ? We attempted to make these payments as long as we could. After four months our new business could only afford a partial payment. The "Former Friends" became very mean and defamatory of our characters. They even pressured me into almost declaring bankruptcy. After they received the newsof this they backed off. They also refused a settlement offer of $ 25 000/year until this loan is paid in full. What should I do ? My email isXXX@XXXXXX.XXX
Submitted: 6 years ago.
Category: Criminal Law
Expert:  Lawmoe replied 6 years ago.

You should do nothing. If sued, the debt appears unsecured. That means it may be dioscharged in bankruptcy. It is not a orproate collective and,as a result, it is questionable whether the usury rate applies.

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