Legal Question in Credit and Debt Law in Texas
Several years ago in Missouri, my father loaned money to his brother-in-law to purchase a business, $30K, and then my uncle never paid my dad any installments on the personal loan and then moved to Minnesota. Now in Texas my father is in poor health and mother has Alz care. My uncle is about to receive an inheritance from his mother, besides sueing him which is costly and difficult to do from Texas. How can he collect or can my father sell this personal loan to a debt collector?
1 Answer from Attorneys
Depending on what "several years ago" is and whether your father has documentation for the loan, your father may or may not still have a legal remedy on the loan.
There's not a good option here but to speak with a lawyer about the situation and let him or her make an assessment of the situation based on a greater understanding of the facts.