Legal Question in Credit and Debt Law in Texas
Contract Violation
My husband and I have a contract in place where we loaned by brother-in-law and his business partner $10,000 for a period of 18 months. At this time, they have stopped making payments and they still owe over $5,000. What are our choice in order to rectify the situation?
Asked on 9/23/05, 12:35 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Contract Violation
Your legal remedy is to bring suit on the contract for the unpaid balance. There may be other, more practical remedies, depending upon familial relationships.
Have you discussed with them the reason why payments have stopped? The terms of the contract may have to be renegotiated if they've run into a cash-flow problem.
Answered on 9/23/05, 12:59 pm
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