Loan not repaid from wealthy stepson
I am 67 years old and my stepson borrowed $40,000 from my credit cards (they are in my name only). He signed a notorized agreement to pay me back in full within 2 months, and now it has been 8 months. He makes the minimum payment to the card, but I am concerned about my credit and getting the money back. I am worried that I have been taken advantage of, given that he owns several businesses, a million dollar home, and was featured in a magazine as being a successful businessman. My husband (his father) and I are both in bad health and I am concerned that his son has taken advantage of our situation, knowing he may never need to pay us back. Are there any Michigan laws to protect us?