Whatis my right to recover money thatI lent a friend?
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Whatis my right to recover money thatI lent a friend?
I loaned a friend $30,000 to start a small business. Now the business is failing and he can’t pay me. He only owns a liquor license and a few fixtures in his store; he doesn’t own the building and owes landlord money as well.
Asked on December 6, 2010 under Bankruptcy Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Did you do anything "official" when you lent the friend the money like have him sign a loan agreement and a note? Anything at all to sue on and to obtain a judgement to collect upon? If yes, then that is what you need to do: sue him based upon the note. If not, then I would suggest that you seek help from an attorney in your area in order to try and establish the loan otherwise with the proof you may have. Once a judgement is obtained you can levy on personal property, garnish salary (not here though, right?), etc. The liquor license is not transferable I am sure. Seek help. Good luck.
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