How long do you have to sue for a breach of an agreement to pay back a loan?
Question Details:
If you loan money to someone and that person has not paid the money back after a certain time frame, what is the time frame that I can sue the person for recovery? Does it matter if the agreement is verbal or in writing?
Dear Sir/Madam:
The statute of limitations is 5 years for an oral contract and 10 years for a written contract for contracts entered, performed or agreed to IL. Please fell free to contact me for a Free Consult. Best Regards,
Peter S Grain Esq Tel 847-843-2920 Email iccgrain@aol.com POB 3517 Barrington, IL 60011
Website http://internationalcreditcorp.homestead.com
This is not legal advice, should not be relied on and no attorney-client relationship has been created.
Every state is different in terms of the length of time you have to sue someone. Depending on the amount and if there was a contractual written agreement in place, it may be as little as one year to as much as 4 years depending on the contract.
In Illinois, it may be two years but could be as little as one depending the type of loan, as well. Your best bet is to file a claim in small claims if your loan is not more than maximum $10,000.00.
