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  1. #1
    Join Date
    Dec 2008
    Posts
    3

    Default Re: Loan to a family member

    Thank you for your response. You are completely correct in that pursuing this money would probably open wounds in my family, however there are some already. My mom and stepfather at odds over his losing his business and she is very bitter of his dishonesty and taking money from me that he wasn't able to pay back. Probably more bitter than I am. So my family already has a rift in it, this would probably make things worse. I don't know that I have it in my to take him to court, but I did want to know what my options were. We are currently not speaking, we have had a tumultuous relationship my entire life, and right now, the money is in the forefront of my thoughts because we aren't speaking. I really don't know what to do right now, but I do feel like I'm going to have bitter feelings regarding this for the rest of my life and I wish I knew how to fix everything. Thank you for your advice.

  2. #2
    Join Date
    Nov 2008
    Location
    Bloomfield, New Jersey
    Posts
    21

    Default Re: Loan to a family member

    Your options are very limited.

    First, you made a unsecured loan. There was no promissory note nor was there any collateral attached.

    Second, he filed for bankruptcy. Technically speaking had he listed that $31k in the filings, you should have received notice from the US Bankruptcy Trustee informing you of the filing and your rights. I'm assuming you never received such notice, which will still allow you to deal with this. Had you received notice, you fall in the back of the line, after secured lenders.

    Third, the whole family dynamics of this is limiting your options. You can try to speak with him and see what his intentions are but if you are not going to (1) follow up on investigating what happened at bankruptcy; or (2) pursue this with a civil action (is statute of limitations permit), you might as well suck it up and take it as a lesson learned. Unless he's such a scumbag, I'm sure he thinks about it as well and will someday try to make amends.

    Good luck.

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