How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Richard Your Own Question

Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 45899
Experience:  32 years of experience practicing law and a businessman.
17027240
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

-I loaned a professional person money over 6 months. I insisted

Resolved Question:

-I loaned a professional person money over 6 months. I insisted and got a written acknowledgement that I would be paid back in a week before I lent the money. I haven't been paid back and the answer is that the person has debts and needs to take out a loan. When I asked when I can expect to get paid back i was told "no time soon" which could mean forever. I then asked, "could you bread up the repayment in smaller amounts, the reply "was I don't want to do that, I want to pay it back all at once". What is the Statute of Limitations in NY STATE.? What is my recourse here? Small Claims Court? How do you enforce the verdict to collect.? If I was promised the money back in a week, but person now claims, he owes too much, then he knew he couldn't pay me back, when he asked for the loan. False pretenses.
Submitted: 2 years ago.
Category: Business Law
Expert:  Richard replied 2 years ago.

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. The statute of limitations in NY is 6 years. You can file this in small claims court if the amount is $5,000 or less; otherwise it must be filed in a state civil court. Once the suit is filed and a
judgment awarded, you become a judgment creditor and can have the
sheriff serve a summons on the losing party for a debtor examination. That
forces the losing party to meet the judgment creditor in court and answer
questions under oath about the losing party's assets. After that information is obtained, the judgment
creditor has the power to garnish wages,
attach bank accounts, and/or have the sheriff seize other property to satisfy the judgment.



I hope this has given
you information that has been helpful to you. If the information seems more
general than specific, please be aware that we are only allowed to provide
information and not specific advice.
If you have a follow-up
question, please remember that there might be a delay between your follow up
questions and my answers because I may be helping others or taking a break
.



If you do have any additional questions about
my answer please click the "Continue
Conversation Link"
so I can provide you with a fully
satisfactory answer.
Please
be aware that any rating of 1 or 2 is reflected as a negative rating and I receive
no credit for my answers
.





Thanks for allowing me
to be of service to you. Please be aware that the information provided here is
not legal advice. Rather it is simply general information. All states have intricacies in their laws
and any information given is simply information only and specifically is not
intended to be, nor does it constitute, legal advice. This communication does
not establish an attorney-client relationship with you. I hope this answer has
been helpful to you.



Customer: replied 2 years ago.
-If I win judgement, as a judgement creditor, is my collection subordinate to other loans made after my loan, or can borrower be cited or fined for making loan under false pretenses? ...will repay you in a week.?
Expert:  Richard replied 2 years ago.
Once you get a judgment, you are going to have priority over all other unsecured loans because you can attach the borrower's assets at that stage. You could pursue criminal charges for fraud, but you would have to prove beyond a reasonable doubt that when he made those statements, he had no intent of complying. Intent is very difficult to prove. Your best route is the civil suit and then garnishment of wages and/or attachment of assets, including bank accounts.
Richard, Attorney
Category: Business Law
Satisfied Customers: 45899
Experience: 32 years of experience practicing law and a businessman.
Richard and other Business Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
  • http://ww2.justanswer.com/uploads/DC/DCraneEsq/2012-8-14_14436_DCrane.64x64.jpg MShore Law's Avatar

    MShore Law

    Attorney

    Satisfied Customers:

    1233
    Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    1162
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    1142
    Run my own successful business/contract law practice.
  • http://ww2.justanswer.com/uploads/ohioatty/2009-1-22_185545_me.jpg J.Hazelbaker's Avatar

    J.Hazelbaker

    Attorney

    Satisfied Customers:

    393
    Experienced and trained in the area of business law.
  • http://ww2.justanswer.com/uploads/scottymacesq/2009-6-10_221523_small.jpg RGMacEsq's Avatar

    RGMacEsq

    Attorney

    Satisfied Customers:

    393
    Licensed Texas General Practice Attorney
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    301
    13 years practicing attorney, MBA
 
 
 

Related Business Law Questions