Q: I loaned my dad and step mom around $170,000
I loaned my dad and step mom around $170k so they could get a home when I was 17. They ended up getting divorced and selling the house. This was 15 years ago but I was wondering if there is any legal action I can take
A: The most glaring fact in your post is you were only 17 when you made the loan. There are few scenarios in which you could have made a loan, but there are an infinite number of possibilities of other occurrences. You need to contact attorneys with a clear and concise description of what exactly transpired.
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A: JA's artificial intelligence answer provided some guidance.
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A:
In this situation, there are a few important factors to consider before determining whether you can take legal action:
1. Statute of Limitations: The time limit for filing a lawsuit varies by state and the type of claim. After 15 years, it's possible that the statute of limitations has passed, which would bar you from taking legal action.
2. Written Agreement: If you had a written agreement or promissory note outlining the terms of the loan, including repayment, this would strengthen your case. Without a written agreement, it may be more challenging to prove the existence of the loan and its terms.
3. Age of Majority: You mentioned that you were 17 when you loaned the money. The age of majority (when an individual is considered an adult) is 18 in most states. If you were a minor when the loan was made, this could potentially impact the enforceability of the agreement.
4. Evidence: Gather any evidence you have related to the loan, such as bank statements, emails, or other correspondences that discuss the loan and its terms.
Given the complexity of this situation and the time that has passed, it's advisable to consult with a local attorney who specializes in contract law or real estate law. They can review the details of your case, consider the laws in your state, and provide guidance on your legal options and the likelihood of success if you choose to pursue legal action. Many attorneys offer free or low-cost initial consultations.
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