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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 53997
Experience:  Attorney with 29 years of experience.
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I lend my cousin $60,000 down payment on s house in which he

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I lend my cousin $60,000 for a down payment on his house in which he promised to pay me back within two years. Two years has passed and he does not want to pay me back yet. He says he does not have the money. I have a promise note(stating that I lend him $60,000 and will pay back within two years) It is signed by both of us and has been notarized. Can I sue my cousin and what is the outcome?
Submitted: 11 months ago.
Category: Legal
Expert:  Richard replied 11 months ago.

Hi there. My name is ***** ***** I look forward to helping you!

Yes, you absolutely can file suit because your cousin is in default. Filing the suit will give you the collection options and leverage you need to collect the debt owed you. That's because once the suit is filed and a judgment awarded, you become a judgment creditor, and if he doesn’t then pay the judgment, you can have the sheriff serve a summons on him for a debtor examination. That forces him to meet you in court again and answer questions under oath about his assets. After that information is obtained, you have the power to garnish wages, attach bank accounts, have the sheriff seize other personal property, and/or place liens on any non-homestead property he owns to satisfy the judgment. In my experience, simply filing the suit is typically all you need to do to resolve this outside of court because most of the time, once served with a summons he is being sued, your cousin will figure out a way to pay your to avoid the judgment and attachment of assets and wages.

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