QUESTION
Is there really nothing that I can do since I don't have my payment recorded in writing?
Asked on Jan 08th, 2013 on Bankruptcy - California
More details to this question:
I loaned my mother $28,000.00 20 years ago to be repaid later in life when I needed it. I need it now and she says that I never gave her any money. She says that I am crazy and my father admits that they got the money but that they paid for a tutor when I was in the 3rd grade and I owe they are even now. With interest they owe me, $84,000.00 is there anything that I can do - It is driving me crazy - my brothers won't get involved and tell me to just forget about it. My attorney says there is nothing that I can do because I don't have a contract signed in writing?
5 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Your attorney is correct. Always get agreements in writing. Sorry that you are in the very difficult situation.
Answered on Jan 13th, 2013 at 9:18 PM
Family Attorney serving Henderson, NV
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Harris, Yug & Ohlinger
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Statute of limitations in Nevada is 4 years for a contract not in writing. 20 years ago is too long, especially with an indefinite payment schedule.
Answered on Jan 13th, 2013 at 9:15 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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Unfortunately your attorney is right for another reason. First because you have no written contract you will have a very difficult time proving the loan. Even if you show that you paid the money...you parents could claim it was a gift, not a loan. Most importantly is the statute of limitations. This set of laws says how long after a default in a contract can you sue the debtor for the loan. The limit for your contract is 3 years. You are barred from collecting because of this.
Answered on Jan 13th, 2013 at 8:54 PM
Tax Problem Resolution Attorney serving Lake Oswego, OR
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THE WUHRMAN LAW FIRM
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Your attorney is correct, not because all contracts must be in writing, but because you have no proof that you really lent her the money. Also, most states have a statute of limitations on suing people to collect a loan, and it is typically MUCH less than 20 years - here in California, it's 4 years.
Answered on Jan 13th, 2013 at 8:45 PM
Insurance Attorney serving Redlands, CA
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Orrock, Popka, Tucker & Dolen
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Forget about it. Be glad you were able to help when help was needed or live with regret and resentment. Whatever choice you make, you will own it.
Answered on Jan 13th, 2013 at 8:44 PM