Is a paper stating the amount borrowed, dates of repayment and other termsand which is signed by my brother sufficient proof of a debt that he owes me?

UPDATED: Jun 7, 2011

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Is a paper stating the amount borrowed, dates of repayment and other termsand which is signed by my brother sufficient proof of a debt that he owes me?

About 3 years agoI loaned my brother $5000 to go to school and better himself. At a later time I had him sign a paper stating the amount and terms of the loan. I gave him until his graduation to begin repayment of the loan. As stated in the paperwork, it was to start 2 years ago and the loan repayment was to be completed by early next year (all dates were specifically listed). The paperwork also states that if reasonable payments are not made on time, I may require full payment in advance of these dates. No repayment hasbeen made at all to repay, nor as any attempt been made to explain why. Is my paper enough to take him to court?

Asked on June 7, 2011 under Bankruptcy Law, Georgia


S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The document you described is sufficient to provide evidence of the debt and the terms of repayment.  In order for a contract to be valid, it is required to identify the parties, subject matter, essential terms, time for performance (time for repayment in your case), and signed by the parties to the agreement.

You may be able to file your lawsuit in Small Claims Court.  Your damages (monetary compensation you are seeking in your lawsuit) would be the amount owed plus interest and court costs.  Court costs would include the court filing fee and process server fee.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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