Legal Question in Civil Litigation in Missouri
personal loans
my husband loaned his brother 5300.00 21yrs.ago in the state of california and he has only paid back 120.00 since1993.can my husband sue?even if we get a letter from his brother admitting he still owes him the money?by the way,the money was loaned from a settlement my husband recieved after being hit by a drunk driver when he was 14 yrs.old.he got the money at age 19.?
1 Answer from Attorneys
Re: personal loans
When was the last repayment made? When was the letter admitting the debt signed? You may have a statute of limitations problem which would prevent you from filing suit depending upon the answers to these questions. You might also have a statute of frauds problem if the loan was not reduced to writing, depending upon which state law controls. If it's California law, it would depend upon exactly what the California statute of frauds says.If you are not barred by the statute of limitations, or the statute of frauds, you might be able to file suit and obtain a judgment for whatever amount is still due. Now, how would you collect this judgment once you obtained it? does the brother have a job? Does he own a car? does he have abank account? Hiring an attorney to handle the lawsuit is going to cost you money whether you win and collect or not. You need to have all the information handy and then consult with an attorney. Only then will you be able to determine whether it would be wise to file suit. Good luck.