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Am I wrong?

Me and SIL opened a store and five months into the buisness she bailed out. We took $10,000 against her credit card and she left me with the loan. She did not pay her half when she left. I was paying the bill every month with the stores earnings but I have since sold the store for personel reasons and the person who bought the store has not paid the remaining balance she owe me and has closed the store. I am taking her to court, because we had a legal payment plan which she failed to honor. My problem is I want SIL to help with this loan until I get the money owed from the store, and when I do get it she will get her card paid in full and the money she put out back. She has a big problem with this, I feel she bailed on a partnership and we started this together that until we go to court she should help with this loan. Am I wrong? Sorry if this is confusing it's a long story and it's hard to sum up. I know I left out some info.

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Anonymous

Asked by Anonymous at 11:49 AM on May. 17, 2009 in Money & Work

Answers (6)
  • If I understand you correctly- I think that you should leave your SIL and keep whatever you get from going to court. Or at least tell your SIL that's what you're going to do. If she's not going to go 50/50 with you, then you won't be going 50/50 with her. Let her know that and then see if she wants to help with the payments.
    Erica_Smerica

    Answer by Erica_Smerica at 12:21 PM on May. 17, 2009

  • Did you back to the original agree the two of you wrote up when you formed the business?
    You can check with SCORE and the SBA for help with rewritng your business plan so you can get a small business loan to pay off her card.
    rkoloms

    Answer by rkoloms at 12:47 PM on May. 17, 2009

  • Stupid for us because we were family we did not draw up any legal agreement, it was just our word. I know stupid and look what happened she bailed and failed to pay her agreed $5000.
    Anonymous

    Answer by Anonymous at 1:06 PM on May. 17, 2009

  • If it was her card, then how is it you are paying for it and not her? I would pay your $5000 and then let her pay her $5000. She is prob. thinking that if you made the money by continuing with the business that you should pay it all, but when she bailed, she decided to leave and take her part of the debt with her.

    In all honesty, for your part, tho., if you made enough money after she left, but did not pay the loan down with the profit, then you prob. should have. At the same time, she still agreed to put $5000 in. A small court would prob. agree that she should pay the $5000. Just b/c she bailed didn't mean that she didn't have an obligation.
    lifeasinoit

    Answer by lifeasinoit at 3:19 PM on May. 17, 2009

  • unfortunatly I did not make enough to pay off loan. I wish I could have so this could be over
    Anonymous

    Answer by Anonymous at 3:33 PM on May. 17, 2009

  • Do you have a written agreement with her from when you two started up the business? Without one you are going to have a tough time collecting from her.
    slw123

    Answer by slw123 at 8:13 PM on May. 17, 2009

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