My question involves collection proceedings in the State of: Indiana
Approximately 10 years ago my stepson borrowed $22,000 from his father and I. He signed a Promissory Note. For about 2 years we were collecting payment from him thru a Voluntary Wage Assignment. THen he was fired from his job. He bounced around from job to job, working for himself and odd jobs. Never staying in one place long enough to start another VWA. We kept asking him to pay us something but he always had excuses.
He recently won a settlement from an injury he received at his last place of employment. We do not know how much but understand it was fairly large. We no longer have any relationship with him (long story but basically when we cut off the funds he kept wanting to borrow or the items he would "borrow" but never return) he decided he no longer calls or retunrs our calls.
His father and I are now on Social Security and the money he borrowed from us would help us survive in retirement. I would like to take him to court to collect on this debt but his father thinks that it is too late due to the statue of limitations. Any thoughts?
We are also thinking that if it is too late to collect, we would deduct this amount from any inheritance he would be entitled to in Indiana. Our Wills do not leave anthing to him but we have been told that this is not legal in Indiana. We must either leave him something, or state why we are not. Any thoughts?
Thanks.
Approximately 10 years ago my stepson borrowed $22,000 from his father and I. He signed a Promissory Note. For about 2 years we were collecting payment from him thru a Voluntary Wage Assignment. THen he was fired from his job. He bounced around from job to job, working for himself and odd jobs. Never staying in one place long enough to start another VWA. We kept asking him to pay us something but he always had excuses.
He recently won a settlement from an injury he received at his last place of employment. We do not know how much but understand it was fairly large. We no longer have any relationship with him (long story but basically when we cut off the funds he kept wanting to borrow or the items he would "borrow" but never return) he decided he no longer calls or retunrs our calls.
His father and I are now on Social Security and the money he borrowed from us would help us survive in retirement. I would like to take him to court to collect on this debt but his father thinks that it is too late due to the statue of limitations. Any thoughts?
We are also thinking that if it is too late to collect, we would deduct this amount from any inheritance he would be entitled to in Indiana. Our Wills do not leave anthing to him but we have been told that this is not legal in Indiana. We must either leave him something, or state why we are not. Any thoughts?
Thanks.
Loan Agreements: Statute of Limitations
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