I loaned my brother $3500 04-97. He says he pd me back,I know he didn't. Is there anything legally I can do?

Question

He borrowed the money for his business, so I asked him to show me the records that he paid me back. His reply was"that's alot of paperwork to go thru." I have a note dated and signed by both of us.

Answer 1

You can sue him for the money owed both for principal and accrued interest (interest foregone since if the money was placed on a savings account, it could have earned interest).  The burden of proof lies in him since you have a note evidencing his loan.  But I strongly suggest that since you are siblings, talk things first in an amicable terms.  Tell him nicely that he needs to show proof of his payment because you dont have it.  And if he wont listen to you, get your parent to witness or maybe another brother or sister.  Suing should be your last recourse.

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http://www.legalisticminds.com

Answer 2

Unfortunately you will have to bring your brother to court and sue him. Bottom line, one should never loan money to friends or family unless they are prepared to lose it all. Why do you think he was unable to get a loan from a bank? Do you think you are a better evaluator of credit risk than somebody who does it for a living? If you wanted to help your brother out by giving him $3,500 to help him out, fine. But to loan him that money with the expectation of getting it back? Poor judgment.

Answer 3

Sorry,   the statue of limitations runs out after two years for things like that.     At this point it will be between him and you.   Maybe you can ask him doesn't his word mean anything to him?

Answer 4

You can have your attorney deal with this issue for you, but you are probably going to lose your brother.

Answer 5

If he signed a note but won't pay back, then you might have to go to a lawyer. But that is very costly indeed and might cost you more than the 3500$. Unless you can go to a small claims court, if there is one in your area.