When a friend doesn't repay a loan
Against our better judgement, we loaned a friend money for a business deal that didn't work. We have a promissory note, but the collateral does not belong to the friend anymore because of divorce. The money was loaned with the understanding that it would be repaid in one payment, in one month, with good interest. That was almost 5 years ago.
We still maintain email contact with this friend. We know her family. She is intelligent and ambitious, but apparently is having a difficult time getting back on her feet, and still has no assets. The loan amount is large enough that we are unwilling to write it off. What recourse do we have?
We'd appreciate any advice.