What to do if an unsecured personal loan was made to a family friend who has defaulted?
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What to do if an unsecured personal loan was made to a family friend who has defaulted?
The amount was $165k to be used as business capital. This loan was interest only for 2 years with the principal to be made in full at completion. This arraignment has been stressful and trying. What can be done to cut my losses?
Asked on December 30, 2012 under Bankruptcy Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If the family friend has defaulted on this $165,000 loan you need to consult immediately with a consumer law attorney to see what your legal recourse is which most likely would be to file a lawsuit for the $165,000 if arrangements cannot be made to get a monthly repayment of the loan stated.
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