The contract signed by him, his wife as witness, and me. I let him borrowed $6000 to buy all the equipment he needs. I will get a portion of his profit and it will be $1500. Our contract stated that he will pay me all back in 120 days. He promised to pay me monthly, it had been over 100 days and I have not received a single dime. After months of finding excuses, he finally wrote me a check of $2000, then promised to pay me $500 each month from the same account. However, I received letter from my bank that there is no fund from the check. I hope to be able to get back the money I let him borrow.
You will have to enforce the remaining balance in a small claims (conciliation) court. Sometimes even a letter from a lawyer may help push them to make payment. I recommend speaking to an attorney to review the agreement and terms.
A letter from an attorney shouldn't cost all that much.
Robert D. Kane, Jr. Esq. Licensed in CALIFORNIA (based in City of Orange, Orange County;) and MINNESOTA (based in Eagan, Dakota County.) State and Federal Courts My answers are for general information only and not legal advice. My answers should not be relied on as specific legal advice. Much more information would most likely be needed for a legal opinion. My answers are based on Minnesota or California law as appropriate. I am only licensed in California and Minnesota. I provide legal advice and counsel during the course of an attorney-client relationship only. This relationship is established by a written agreement and a retainer (unless otherwise agreed upon.)
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