Personal loan

[gbees12]

Jurisdiction

Florida

I received 411,400 over a period of months in 2005 -2006 from my daughter, there was no contract or note. I can't pay it back. I am surviving in SSI alone. What are the statute of limitations in both Florida and New Jersey,on repayment of personal loans?

 

[adjusterjack]

Assuming that there was an oral agreement to pay it back, the SOL in Florida is 4 years (Statute 95.11) , New Jersey 6 years (Statute 2A:14-1).

If she sues you for the money you have to respond to the lawsuit and raise the SOL as an affirmative defense to get the lawsuit dismissed.

 

[army judge]

I received 411,400 over a period of months in 2005 -2006 from my daughter, there was no contract or note. I can't pay it back. I am surviving in SSI alone. What are the statute of limitations in both Florida and New Jersey,on repayment of personal loans?

You're on SSI.
Even if she sued you and you did nothing, she couldn't collect a dime.
I'm only answering from a legal perspective.
From a family perspective, I suspect your relationship is ruined.
Truth is that SSI is a needs based program.
SSI is bullet proof from being levied against to satisfy a judgment.


A bill collector, even a judgment holder cannot garnish your Social Security disability benefits -- meaning: SSDI (disability insurance) or SSI (Supplemental Security Income).

Your disability income is exempt from creditors, subject to a few exceptions as noted below.

Exceptions: The federal government can garnish your Social Security disability benefit to recover money owed to it, such as back taxes or defaulted student loan payments that have been guaranteed by the federal government. Additionally, your SSDI disability benefit can be garnished to recover back or current child support obligations.

If you receive SSI, it cannot be taken to pay even child support, student loan payments, or unpaid taxes.

Illegal garnishment. Despite the rule, Social Security disability and SSI money is sometimes illegally garnished or levied from bank accounts. Banks used to be allowed to comply with court orders for garnishment without checking the source of the income. However, a federal law passed in 2011 requires banks to review accounts before garnishing money to see if Social Security funds have been deposited.

To protect your disability money, if you think a garnishment order may be filed against you, you can file a document with the court stating that your income is protected from creditors.




Good luck, mate, I hope you improve your situation one day.