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?
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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
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 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.
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