QUESTION
Does a paper loan from parents signed on paper no notary have to be paid back after a divorce and is it a legal contract loan?
Asked on Oct 10th, 2016 on Bankruptcy - Oregon
6 ANSWERS
Probably yes. Any lawyer worth their salt would have to review everything to give you a definitive answer.
Answered on Nov 01st, 2016 at 6:22 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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A written loan agreement is valid and has to be paid back. There is no need to have a loan notarized and a divorce certainly has no effect on the validity of a contract.
Answered on Oct 31st, 2016 at 6:55 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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A lawyer would have to look at the words on the note to determine if it is legally enforceable. But assuming it is enforceable, the absence of notarization makes no difference. Generally speaking, A debt is not affected by the divorce; the divorce decree may allocate responsibility for payment to one spouse or the other, but all other things being equal it is still a debt and must be repaid.
Answered on Oct 31st, 2016 at 6:55 PM
1 Award
Yes, it is a legal contract and yes it needs to be paid back.
Answered on Oct 28th, 2016 at 6:52 PM
The fact there is no notary doesn't make it void. The divorce isn't relevant.
Answered on Oct 28th, 2016 at 6:52 PM
Who a loan is from does not typically affect the legal obligation to repay it. So if you borrowed money from your in-laws and the loan documents are valid, then a divorce will not change that obligation to repay.
Answered on Oct 28th, 2016 at 6:52 PM