If I lent $10,000 to a friend as an interest-free loan for 6 months, what are my legal rights to collect?

If I lent $10,000 to a friend as an interest-free loan for 6 months, what are my legal rights to collect?

We have a notarized hand-written contract to that extent. The contract does not state the term of the loan. It does state that in case of borrower’s death the money will be repaid to me by his son or wife. He told me it would be out of his life insurance policy but that is not stated on a contract. What are my legal options to collect the debt? The borrower collects a disability check and does not have employment.

Asked on February 21, 2012 under Bankruptcy Law, Illinois

Answers:

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