Can my fre sue me 8k for bankruptcy? I did in fact wrote him an IOU and he's serving Me a letter of demand. I did inform him that due to family commitments I can only return him bit by bit every month and I have default 2 months payment. I read from t

Answer :



    answered on 18/01/2018

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    The first question is whether the IOU was legally binding to begin with. This depends on whether it was presented in such a way that a reasonable man would believe, in light of all the circumstances, that the borrower and lender intended for the loan to have a legal effect. If it is found legally binding, he can sue you for your default. (Though depending on your circumstances – for instance if you have no money to repay him in the long run – he may think it makes little practical sense to sue you.)

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