Can I still sue to collect on a debt of close to $15,000 to which I loaned a “friend” on 4 separate occasions?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Can I still sue to collect on a debt of close to $15,000 to which I loaned a “friend” on 4 separate occasions?

Both parties lived in the same state at the time of the loans; the debtor now lives out of state. There are 3 promissory notes signed, dated, and with amounts specified; 2 of the loans are referenced on the same note. I have credit card statements with corresponding cash advances with which to fund the specific loan. Only 2 attempts were made to pay back the debt and on both occasions the debtor’s checks bounced and I have the returned checks from my bank along with letters from them.

Asked on October 23, 2011 under Bankruptcy Law, New Jersey

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If there was an agreement, including as set forth in a promissory note, that the money would be repaid and it was not repaid as per the agreement, you can sue to enforce the debt. You should be able to sue in your own local court, since the debt was formed in your state and the harm suffered (no repayment) was suffered by you where you live. You may also be able to sue for additional costs resulting from the bounced or dishonored checks (e.g. any fees you had to pay). A key factor may be *when* the default occured (i.e. when the debtor missed payments): in NJ, you should have 6 years to sue on written loan agreements, so if the default is older  than that, you may not be able to sue. Note that suing someone in another state can be tricky, and doing it incorrectly can result in your case being dismissed; you should retain an attorney to help you. Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption