What to do to collect a $5,000 debt?

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What to do to collect a $5,000 debt?

I would like to sue my sister for a loan of $5,000 but do not know what type of lawyer I would need. I do know that this amount is too large for small claims, which in LA is $3,000. Also, I need to know if there is a date limitation because I loaned it to her 01/09?

Asked on August 19, 2010 under Bankruptcy Law, Louisiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Alot depends on the exact circumstances (was the loan in writing or is the only agreement oral? is there  any security for the loan--i.e. any property serving as collateral? when was the money due back--it's not in default until repyament is missed? etc.), but generally:

1) If you won't pay, then suing is probably the only recourse

2) There is always a time limit on how long you have to sue; therefore don't delay in contacting a lawyer. In most situations, if your sister actually defaulted in January '09, you'd still be able to sue, but until a lawyer evaluates your specific situation, you don't know--that's why you should not  delay.

3) Again, the date you loaned the money doesn't matter; what matters is when default occured, or when repayment was missed.

4) Almost any attorney could help you with this--certainly almost any one who's not completely specialized in some narrow area (e.g. not a divorce, trusts and estates, or criminal defense attorney).


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