Any UJ attorneys?

[NoDecafPlz]

Any guidelines for going after a cousin when he was loaned an insane amount of money and he is president/COO of his company? Attached wages? Bueller?

[gjnl]

Was this a "gentleman's agreement" or did you have a signed contract and note?

All the best,
GJ

[NoDecafPlz]

Was this a "gentleman's agreement" or did you have a signed contract and note?

All the best,
GJ

The former.

[swh2007]

Depends on the state but if it is a large amount of money your first task is to find a good attorney in your area to represent you. Go to Martindale Hubbell on the Internet and look for av or at least bv rated attorneys who practice commercial litigation or collections.

Probably you are going to have to sue him for the loan amount plus statutory interest from the default date. Once you get a judgment, you will be able to execute the judgment against whatever assets he has and I would guess be able to garnish a portion of his wages. If he owns his company, you most likely could execute against his ownership interest.

But each state has its own rules so I am just guessing.

[NoDecafPlz]

Thank you for the insight.

[november]

Don't loan family money!

[rdf]

Yep, I agree November, but I do it all the time haha Haven't been torched yet, but I only lend to immediate siblings, not cousins.

Good luck Joe.

Don't loan family money!

[Cripply]

Just a thought: my hubby is president of his company and he has yet to earn a nickel. All income goes to pay salaries/avoid layoffs. His income he gets from consulting on the side.
I feel for you though. I would try anything to avoid litigation, I would be a pest, call, invoke his sense of honor, arrange for monthly installments...

[swh2007]

Just a thought: my hubby is president of his company and he has yet to earn a nickel. All income goes to pay salaries/avoid layoffs. His income he gets from consulting on the side.
I feel for you though. I would try anything to avoid litigation, I would be a pest, call, invoke his sense of honor, arrange for monthly installments...

In addition to the hard feelings, litigation is expensive. But you need to know your rights as well as when you would lose them because of a statute of limitation.