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Loren
Loren, Attorney
Category: Legal
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Experience:  30 years experience representing clients.
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Is an unsigned promissory note collectable in the state of

Customer Question

Is an unsigned promissory note collectable in the state of Michigan? Initiated by email.
Submitted: 1 year ago.
Category: Legal
Expert:  Loren replied 1 year ago.

Thank you for requesting me.

Expert:  Loren replied 1 year ago.

An unsigned note is not enforceable in Michigan or any other state. However, the loan obligation may still be enforceable if there is other evidence, such as correspondence or prior payments, that an intent to make a loan and repay it.

Expert:  Loren replied 1 year ago.

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Customer: replied 1 year ago.
He has been making payments since 2012 inconsistently and when he can. He also has had communication with the lender. They want the entire amount paid in full, saying that is what the note says, however, my husband never agreed to the note because they wanted $10,000 down, which he didn't have because he didn't have it. Does he have any options to get rid of this debt? Bankruptcy, etc? He filed bankruptcy after the deal fell through in 2010, so I know he can't do that now. Can they take him to court over this or garnish his wages?
Expert:  Loren replied 1 year ago.

If ther is no signed agreement then it is a verbal agreement and is payable on demand. So, unfortunately, it can be demanded to be paid on full by the lender at any time.

Expert:  Loren replied 1 year ago.

Ifnhe does not pay then the lender would have to sue.

Bankruptcy could be an option to discharge the debt.

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