disappointed
New Member
I loaned a substantial amount of money(~350K) to a friend to buy a business several years ago. Up until this year, he has been paying both the personal and business loans on time so there have been no issues. As of January, however, he stopped paying both loans because business is down. That said, I know that he is far from broke - just spent 3 weeks in HI - and that he could afford to pay something if he so chose. Both loans are personally guaranteed by him.
Two Questions:
- if we were to to take legal action and sue for payment, would the case be any good? Could the courts force him to at least pay something on a monthly basis?
- he just got married; since his loans were personally guaranteed, is his spouse, who has more assets, now on the hook?
Please advise -
Two Questions:
- if we were to to take legal action and sue for payment, would the case be any good? Could the courts force him to at least pay something on a monthly basis?
- he just got married; since his loans were personally guaranteed, is his spouse, who has more assets, now on the hook?
Please advise -