Step son borrowed money but won't repay.
I have a stepson that my husband and I loaned him $80k for a business deal that he ended up not being able to fulfill. It was set up as a contract between us including interest. He now says he can't pay us back. He has also quit talking to us. We have not done anything to him to be unkind, but he just stop communicating. Does anyone have any suggestions on how to address this problem?
My husband doesn't want to confront him in any way and wants to give him a year before talking to him about repaying the money. The son is 35 and I'm sure at some point he will get back on his feet, so I want to make sure he repays us before he goes out and buys a home or spends his money otherwise.
Is there any legal recourse? He doesn't own any property at the moment.