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I loaned money to my father inlaw and now he is going insolvent


14-May-2024 (In Recovery Law)
I loaned money to my father inlaw on the pretext that he will return the money to me with interest. But now he is going insolvent and his debts are more that what his property value is. He did do an agreement with me when I loaned him money against his property. Will that hold any value? The RP is stating that an individual cannot lend money against a property and has written my name in unsecured creditors. What should I do ?
Answers (1)

Answer #1
750 votes
First of all rather than going legally you should serve him/her a legal notice and in that notice you can write that either pay my money or face legal action which will be at your own risk. After that if he/she fails to give you a satisfactory reply then you can anytime file a recovery suit in the court to claim your money back along with compensations.
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