Legal Question in Consumer Law in Indiana
Promissory Note repayment.
I lent a couple 15,000.00 to make some improvements on some land to put the mobile home I was selling them on contract. They both signed a Promissory Note. I have since filed bankruptcy, and now they refuse to make any more payments. Are they still obligated to pay? If so, what kind of documentation do I need from them?
1 Answer from Attorneys
Re: Promissory Note repayment.
Unless your promissory note was secured by real or personal property, and if you properly filed the security interests, your debtor probably does not have to pay. If you can prove at the time that the money was borrowed they knew that they could not repay the money, you may be able to get a judgment in bankruptcy court that the loan was fraudulent and nondischargable. If they have already been discharged (case closed) it may be too late. You should talk to an attorney with the details.
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