Legal Question in Business Law in Michigan
Personal loan to a business
I made a loan to an individual and a company, terms spelled out to be repaid by dec 2005 and as of may 1 2006 debt is not been repaid...I want to know my options to get my money back.
Asked on 5/02/06, 11:23 am
1 Answer from Attorneys
Charles Lawler
Clark Hill PLC
Re: Personal loan to a business
Look at the terms of the contract for actions to be taken upon default. Is there a notice provision? Is there a personal guaranty? Is there a venue provision?
Short answer: Send a demand letter and sue. If there is enough money at stake hire an attorney, however if it is less than $3500 go to small claims and handle yourself.
Answered on 5/02/06, 2:59 pm
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