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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 53982
Experience:  32 years of experience practicing law and a businessman.
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I gave a friend of mine cash of 3000$ and bank transferred

Customer Question

I gave a friend of mine cash of 3000$ and bank transferred another thousand dollars. Tha toal is 4000$. The only proof i have is a cople of email and cellphone conversations showing that he owes me the whole lot. and the bank statement that he has to pay
me. initially he used to reply back but now he even stopped conversating with me. how do i recollect my debt.
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.
Good morning. My name is ***** ***** I look forward to helping you. Even though you don't have a signed agreement, your emails will show there was a verbal agreement these transfers were loans, not gifts. And, the lack of a written contract can be overcome by the concepts of promissory estoppel, detrimental reliance, and unjust enrichment. This situation arises when Person A relied upon the verbal agreement, Person A performed based on such reliance, and because Person B defaulted, such reliance is now to Person A's detriment. Where there is i) partial performance by Person A based upon the mutual promises, ii) Person A relied upon such promises to perform, iii) Person B's failure to perform would be to Person A's detriment, and iv) result in Person B being unjustly enriched, Person A can overcome the legal requirement that the agreement be in writing. Your situation satisfies all the foregoing elements. So, if he won't pay you, file suit against him. Filing the suit will give you the collection options and leverage you need to collect the debt owed you. That's because once the suit is filed and a judgment awarded, you become a judgment creditor, and if he doesn’t then pay the judgment, you can have the sheriff serve a summons on him for a debtor examination. That forces him to meet you in court again and answer questions under oath about his assets. After that information is obtained, you have the power to garnish wages, attach bank accounts, have the sheriff seize other personal property, and/or place liens on any non-homestead property he owns to satisfy the judgment. In my experience, simply filing the suit is typically all you need to do to resolve this outside of court because most of the time, once served with a summons he is being sued, your debtor will want to settle out of court to avoid the judgment and the time and cost of defending a suit he won't win. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!
Customer: replied 1 year ago.
he says again verbally that he will pay in october. what are the chances of winning a lawsuit if delay in filing law suit.
How long can I delay.
Basically I gave him money in cash and the other by bank transfer.There is no proof that i gave him in cash.except those emails.and its only one email .
and a few conversations.
Ive attached a screenshot
Customer: replied 1 year ago.
i will be sending that email and
conversations in the next message
Expert:  Richard replied 1 year ago.
Pursuant to N.J. Stat. Ann. § 2a:14-1 et. seq., the statute of limitations is 6 years so you can file your suit anytime within that period. But, being that this is a verbal contract, I would not wait that long. Your emails are sufficient to evidence that these were loans, not gifts, so you should prevail in any suit. :)