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Richard, Attorney
Category: Legal
Satisfied Customers: 55594
Experience:  Attorney with 29 years of experience.
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I loaned a friend some money to get started in a business and

Resolved Question:

I loaned a friend some money to get started in a business and the contract tha they signed was breached. I again loaned them funds for a car to have reliable transportation and the person is now refusing to pay off the loans. I have 2 contracts signed and both have been breached.

Person has also indicated that if I request payment they bill file bankrupcty and never pay the debts.

Do I have any recoursed?
Submitted: 5 years ago.
Category: Legal
Expert:  Richard replied 5 years ago.

Good morning. I would force them to carry through on their threats....filing bankruptcy isn't the cake-walk they think it is.....they must give up their assets, including their interest in their business, and it stays with them for 9 long years. They may get these debts discharged, but it will carry a heavy long term price. So, I would file your claim, get your judgment, and force them to pay you or file bankruptcy.



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Customer: replied 5 years ago.
Even if they are currently going thru a nasty divorce? and currently filing bankruptcy?
Expert:  Richard replied 5 years ago.
If they are actually filing bankruptcy, then these debts will be discharged and there would be no purpose to sue. But, if it's just a threat to keep you at bay, I would call the bluff.
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Customer: replied 5 years ago.

They are currently filing bankruptcy.


Thanks for your quick response. I quess they have the control and there is nothing I can do.

Expert:  Richard replied 5 years ago.

You're welcome. Take care.

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