I borrowed some money from a friend of mine for use in my business and I am not able to pay back to him now due to the bad business. Actually, he put the money into my business first and later decided to get out. We both agreed that I will pay back to him as my personal loan from him and no security is held against the loan.
I received a letter from his lawyer today requesting for the payment and says if I do not pay in three days he will take a legal action against me. My questions are:
- What the worst could happen to me?
- Can the judge order to take my house (I am married)?