|
|
Question on loaning money to a BIL
07-22-2019, 06:36 PM
|
#1
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
Question on loaning money to a BIL
I have been helping a friend pour some cement this week and he told me a story of money he loaned to his BIL. He told me, that he loaned over 600K over many years to his BIL and has documents of amount of interest to be paid back on the money he loaned him.
Well, the BIL has never paid one red penny back, so he got a lawyer and the law is involved with it now. Counsel has all the records signed by both of them and the interested to be paid etc.
My question is, do you think he will recover his money even with documents and signatures etc.? What are his chances?
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
07-22-2019, 06:44 PM
|
#2
|
Moderator
Join Date: Jul 2017
Posts: 5,779
|
a) What is the statute of limitations for the claim?
b) Does BIL have collectible assets?
__________________
Use it up, wear it out, make it do or do without.
|
|
|
07-22-2019, 06:48 PM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
|
Unless your friend is VERY wealthy (and probably not since he was pouring his own concrete?), I cannot imagine lending that amount of money to ANYONE.
You say this is over many years, so probably not just a one time thing, but several loans.
My guess is that BIL will declare bankruptcy and your buddy gets Nada.
I hope I am wrong, but I don't think the odds are on his side.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
|
|
|
07-22-2019, 06:58 PM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
Quote:
Originally Posted by MarieIG
a) What is the statute of limitations for the claim?
b) Does BIL have collectible assets?
|
Not sure on statute of limitations, that is a good question. I will ask him tomorrow.
The BIL has some high dollar land and a beautiful home. That is all I know what that question.
|
|
|
07-22-2019, 07:02 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
Quote:
Originally Posted by CardsFan
Unless your friend is VERY wealthy (and probably not since he was pouring his own concrete?), I cannot imagine lending that amount of money to ANYONE.
You say this is over many years, so probably not just a one time thing, but several loans.
My guess is that BIL will declare bankruptcy and your buddy gets Nada.
I hope I am wrong, but I don't think the odds are on his side.
|
This guy owns his own cement company, and yes he has money but still enjoys working and stays in shape doing so.
Question to your question. If the BIL has value in material items etc. could he still file for bankruptcy
|
|
|
07-22-2019, 07:13 PM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
|
Quote:
Originally Posted by street
This guy owns his own cement company, and yes he has money but still enjoys working and stays in shape doing so.
Question to your question. If the BIL has value in material items etc. could he still file for bankruptcy
|
OK. You answered why he was pouring cement. Sounds like a nice guy who made it, but is not afraid of work.
As to your question, it all depends on how leveraged BIL is. Does he have real value, that can be attached with a lien? Or is everything mortgaged "up to his eyeballs". In which case there could be nothing to collect.
I cannot imagine anyone letting a $600k debt sit that long, so I am guessing there is more to the story, but if I were your friend, I would do exactly as he is, and look for legal resolution.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
|
|
|
07-22-2019, 07:57 PM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,599
|
BIL needs to be sized up for a pair of cement shoes.
|
|
|
07-22-2019, 08:02 PM
|
#8
|
gone traveling
Join Date: Dec 2015
Location: Berkeley, Denver, CO, USA
Posts: 1,406
|
My BIL has $2M more than me.
I am not going to lend him money.
|
|
|
07-22-2019, 08:10 PM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
|
It will all get worked out in court.
I have to ask how many loans were involved?
I ain't lending you crap until you pay me back for the first one.
|
|
|
07-22-2019, 09:01 PM
|
#10
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
Quote:
Originally Posted by RobbieB
It will all get worked out in court.
I have to ask how many loans were involved?
I ain't lending you crap until you pay me back for the first one.
|
He did mention at least 3 and al had a different interest rate. There could be more I didn't get to nosey.
|
|
|
07-23-2019, 06:29 AM
|
#11
|
gone traveling
Join Date: Mar 2015
Posts: 3,508
|
Quote:
Originally Posted by street
My question is, do you think he will recover his money even with documents and signatures etc.? What are his chances?
|
As always, it depends...
There is no way for anyone without complete knowledge of the specifics of the case to do anything other than guess the outcome.
Does your friend have any insight into why his brother in law won't pay him back?
|
|
|
07-23-2019, 06:35 AM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
^ No, but sounds like he has been a con artist for years. He has taken advantage of others, the way it sounds.
|
|
|
07-23-2019, 06:40 AM
|
#13
|
Moderator
Join Date: Nov 2015
Posts: 13,927
|
Receiving a judgement in his favor likely ll depends on these documents your friend has. How legal they are, how specific, how binding a judge finds them (or not).
If he is paying this lawyer, he may be throwing good money after bad (and being taken advantage of again), so let's hope the lawyer sees some viability to the case.
Receiving actual payment? Long shot. Even if he wins in court, the BIL can appeal and tie this up for years while he moves his own assets out of sight. Not hard to do with businesses and shell games. Friend needs to be having this frank discussion with his lawyer.
|
|
|
07-23-2019, 06:41 AM
|
#14
|
Moderator
Join Date: Jul 2017
Posts: 5,779
|
Quote:
Originally Posted by street
Not sure on statute of limitations, that is a good question. I will ask him tomorrow.
The BIL has some high dollar land and a beautiful home. That is all I know what that question.
|
I can't tell how the assets are held; the equity in them; the laws in the State. If he holds the land in his own name, possibly, but a mortgagee would have priority. Your friend may be able to obtain a judgement and file a lien.
I did have a client, who (through our firm) obtained a $2 million judgment and filed a lien on a piece of property (a large building in NYC). The debtor wanted to sell the building for a huge amount of money, the lien was a cloud on the title, and client got a check for the full amount at the closing. The fact that the debtor wanted to sell the property, and had an offer for an enormous amount of money, cut short a large amount of legal maneuvering.
__________________
Use it up, wear it out, make it do or do without.
|
|
|
07-23-2019, 07:04 AM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
Thank you for all your insight and professional views. I do realize there are so many factors that could tilt this either way but wanted your views if there would be a chance of full recovery of funds. I personally have my doubts.
|
|
|
07-23-2019, 04:25 PM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
Here is some more information that was revealed today. He said, the first money given was 1999 and the last he gave him was 2014. So, that was the span the money was loaned/given to him.
Statue of Limitations for any Federal charges I believe is 5 year look back only? Maybe someone could confirm that though and what could actually happen in this situation.
|
|
|
07-23-2019, 04:36 PM
|
#17
|
Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
|
Quote:
Originally Posted by street
Here is some more information that was revealed today. He said, the first money given was 1999 and the last he gave him was 2014. So, that was the span the money was loaned/given to him.
Statue of Limitations for any Federal charges I believe is 5 year look back only? Maybe someone could confirm that though and what could actually happen in this situation.
|
WOW!
Did the terms of the "written agreements" call for a specific payment schedule? Was there a "balloon payment" due at the end? and was the end specified?
IANAL, but I don't see how statues of limitation apply. So far, this is not a crime, but a debt with a written agreement. Someone needs to look at the written agreement (hopefully the lawyers he has hired) and determine if your friend still has a right to the money (ie. was there are forgiveness clause after so many years).
Personal Opinion: sounds like the BIL is an SOB
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
|
|
|
07-23-2019, 04:55 PM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
Not sure on what the written document has for wording etc.. I beleive it was a written/agreement by just the two of them so the wording in it, could be very vague, but that is just a guess. I don't care to ask to much but just ask a question here and there.
I'm glad I'm not in his shoes. I beleive it will be a long tough battle but who knows.
|
|
|
07-23-2019, 05:15 PM
|
#19
|
Thinks s/he gets paid by the post
Join Date: Jan 2011
Location: Fair Lawn
Posts: 2,963
|
Quote:
Originally Posted by street
I'm glad I'm not in his shoes. I believe it will be a long tough battle but who knows.
|
At this stage, repeat this to yourself. You can't help your friend, and IMHO he won't see a penny in repayment.
|
|
|
07-23-2019, 05:55 PM
|
#20
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
|
I love these posts. Who can imagine handing out large sums of money over many years, get none of it paid back, yet continue to "lend"?
Clearly BIL and likely judge too will understand that this was gifts called loans for some unknown reason.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|