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I made a serious mistake of trusting a family member who was…

I made a serious...

I made a serious mistake of trusting a family member who was having financial problems with his business. I loaned approx. 140k to help him over a 5 yr period. His business failed and is now legally tied up but he did inherit 450k from a family member recently. Is there any way I could possibly recoup 50k from his inheritance in a legal way. He refuses to even discuss the issue.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

His business is located in N.J , where he lives. I have since moved to Florida.

Lawyer's Assistant: What steps have you taken so far?

Nothing in a legal way , I have just tried appealing to our family ties and the promises that were made over the 5 yr period to which he now won`t resond in any way.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Basically that is the situation . he is counting on the distance between us to keep me from attempting to recoup any of the money I loaned him.

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Answered in 2 minutes by:
3/24/2018
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,602
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

How long ago was the last loan made?

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Do you have any written agreement about repayment?

.

Proof of the loans to him?

.

.

thanks

Barrister

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Customer reply replied 4 months ago
the loans were spread out from 2011 to 2016, there were no written agreements and I do have cancelled checks for aprox. 75% of the loans.
Customer reply replied 4 months ago
all I want to know at this time is weather I should pursue trying to recoup some of the money by having a lawyer mail him a harsh warning about paying me back or else other legal asctions will be used.
Customer reply replied 4 months ago
what is your advice ...

Ok, there is a 6 year civil statute of limitations on an oral contract in NJ. So if these loans were kind of a continuing thing, then you would still have plenty of time to sue him if you wanted to do so.

.

At a bare minimum, you should have a local NJ attorney contact him and threaten to sue him for the money back..

.

But if it were me, for that much, I would go ahead and file suit, especially since he has just come into money and apparently feels no need to repay you for your kindness in loaning him the money in the first place..

.

.

thanks

Barrister

Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,602
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified
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Barrister
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