hi! please help! my name is ms.nguyen,and i live in houston.back in 8/2004,i borrowed $75K from a friend and signed a contract, with 12%interest.we made three payments of $750, but after our convenience store was sold,we did not have any more money to pay back the debtor, cause we basically gave the store away. so in the year 2005, my husband and i did not have any money to pay, because we only had one income.but starting on 1/2006, we paid $100 every paycheck, which is about $5200/yr, but we paid in cash though.then,in may '08,i was sued for the 75K, and only the first three payments were mentioned, but none of the payments we made in cash starting from jan 06-may08. my husband talked to the defendant's lawyer and thought that he had settled it, and we hadn't heard back from them til this morning, when i got served with papers again, but this time, they included my husband in it, saying that we conspired to borrowed that money and we knew at the time that we were not going to pay them back .the contract is under my name only, because i borrowed the money to try to run our business, which was under my name only.when we borrowed the money, they knew exactly that i was the one that was borrowing the money and not my husband. we are/were willing to pay them back what we owe, but only in small amounts, because we have a mortgage, under my husbnd's name, and we have two kids. but for them to sue us over this, and not mentioned all the money we've been paying them since 2006 is wrong. i had heard that the defendant only has four years to collect a personal debt. is this true?? please advice on what i should do? we were very willing to pay back the money,but... what should i do, is there a law that protects me, in this case??? please advice. i desperately needs it. thank you so much.
