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Author: /u/Nemo_Nomen
Title: I'm a college student and my father wants me to loan him about $6,000
Original Post:
This is obviously not an urgent legal matter, but since I'm legally illiterate any help would be great.
Context: My father has always been a bit impulsive with his investments and other money making schemes. He's a mechanical engineer and has had some great ideas but they've never come close to making him millions as he always claims they will.
He has decided that buying a food truck is a good idea. He wants to sell crepes and stir-fry (weird combo, I know) but he needs money to install a fume hood. He says he could get a loan from the bank but would rather be paying interest to me (keeping it in the family and all that). IMO he means well but has terrible judgement and while he promises to pay me back, he can't really do that if he ends up bankrupt.
Should I loan the money and if so, how can I protect my financial interests?
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