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Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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hi there. help. i loaned $60,000 to a friend of mine 4 years

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hi there. help. i loaned $60,000 to a friend of mine 4 years ago for him to invest in his family business. i have copies of all the checks and other means of proof. he has yet to repay a dime and i am now in need of that money. his family is very close with mine and he is heir to one third of that business (the land this business sits on is worth approximately $3,000,000). what are my options for recovering my $60,000 thru the legal channels?
Submitted: 5 years ago.
Category: Legal
Expert:  Richard replied 5 years ago.

Good evening. First, CA has a 4 year statute of limitations from the later of the due date or the last activity/payment. So, depending upon when he was supposed to start repaying you, you want to make sure you don't let the statute of limitations deadline pass. My recommendation, since he is not paying you voluntarily, is to file a suit against him. Then, when you get your judgment, you then can attach his assets to collect that judgment.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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