If I loaned my brother a large amount of money a few years ago and he still owes me $65,000, what legal recourse do I have to get repaid?
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If I loaned my brother a large amount of money a few years ago and he still owes me $65,000, what legal recourse do I have to get repaid?
He started paying me $100 month about 8 months ago but at that rate it will take over 60 years to repay me. He and his wife own 2 houses, a car, motorcycles, etc, etc, etc…
Asked on August 7, 2015 under Bankruptcy Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If he has violated the terms of the loan agreement--i.e. failed to make payment when payment was due--then you may sue him for the money; if a debtor violates his loan agreement, the fact that he is voluntarily paying some lesser amount is irrelevant (other than the fact that you have to credit him for all payments made), since he is required to honor the payment agreement he entered into.
If you sue him on this basis (you will have to prove, whether by documentation, credible testimony, or some combination the terms of the agreement [e.g. when he should have paid], how much you loaned him, and the amount received back, in violation of the agreement) and win, you will get a judgment in your favor. If he does not voluntarily repay then, you can then take collections actions against him to enforce the judgment, like putting a lien on real estate, having vehicles or other valuable personal property executed upon (seized and sold), levying on bank or brokerage accounts, or possibly garnishing wages.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If he has violated the terms of the loan agreement--i.e. failed to make payment when payment was due--then you may sue him for the money; if a debtor violates his loan agreement, the fact that he is voluntarily paying some lesser amount is irrelevant (other than the fact that you have to credit him for all payments made), since he is required to honor the payment agreement he entered into.
If you sue him on this basis (you will have to prove, whether by documentation, credible testimony, or some combination the terms of the agreement [e.g. when he should have paid], how much you loaned him, and the amount received back, in violation of the agreement) and win, you will get a judgment in your favor. If he does not voluntarily repay then, you can then take collections actions against him to enforce the judgment, like putting a lien on real estate, having vehicles or other valuable personal property executed upon (seized and sold), levying on bank or brokerage accounts, or possibly garnishing wages.
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