Legal Question in Business Law in Florida

I live in the state of Florida. I have given a friend a loan of $145,000 on December of 2016, the promissory note reads that the money was used to purchase a bar/restaurant with 2 other partners. I was supposed to get paid back monthly starting January 2017, for 12 months until the loan was paid off, but I haven't seen a dime. My friend wants me to go into the bar and demand my money from the 2 other partners, who work at the bar. I am the silent investor. What do I do? My friend has no money and neither do the partners, and the bar is barely breaking even.


Asked on 2/19/18, 7:03 pm

1 Answer from Attorneys
Frank Natoli Natoli-Legal, LLC

You guaranteed repayment of the loan? If the terms of the loan are breached, then you can simply sue them on the contract. But of course if they have no money and no way to pay you back you will probably just force them into a bankruptcy and still may never see any money from them.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section): http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

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DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

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Answered on 2/20/18, 9:04 am


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