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Jane T (LLC)
Jane T (LLC), Attorney
Category: Business Law
Satisfied Customers: 8435
Experience:  Worked in corporation's law department; business formations, formalities, and other business matters
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An acquaintance has owed in excess of $5,000.00 for five ...

Resolved Question:

An acquaintance has owed in excess of $5,000.00 for five years, a loan which was to be for 3-6 month period. With excuses and delays he states that his intentions are to repay the loan. Dan this be adjudicated in a small claims court?
Submitted: 9 years ago.
Category: Business Law
Expert:  Jane T (LLC) replied 9 years ago.

Dear XXXXXWallace,

Was there a written agreement for the loan?

If there was no written agreement, have any communications been made, in writing or verbally, regarding repayment?

Are there any witnesses?

Customer: replied 9 years ago.
There is a notarized note signed, of courst, by the notary. No other witnesses; he has received two letters for which he had to sign with the postal service.

Expert:  Jane T (LLC) replied 9 years ago.


Normally, the collection of debts can be prevented if the creditor (the person who loaned the money) waits too long after the debt is due to be repaid (known as exceeding the "statute of limitations") to collect the debt. You can review what the statute of limitations are in various states, and it does vary by state as well as by the type of debt, by reading the information here

Sometimes, however, if the person who owes the debt takes any action, whether verbal or, preferably, written, in which they re-affirm or otherwise declare an intention to repay a debt, even if the statute of limitations has expired, that may allow the creditor to file a court suit for repayment of the debt.

In general, whether or not a case can be file in small claims depends on the amount of the claim or damages being sought. Each state's small claims courts normally has a limit for the size of claims they will adjudicte. You can see what the amounts permitted in your state are by reading the information here - BUT, do verify if there have been any changes in the amounts permitted by calling your local small claims court. If the claim you have for $5,000.00 is under or at the limit for the small claims courts in your state, then you should be able to file the claim in your courts. Also, be aware that most states' courts now have "self help" centers that can assist persons who represent themselves with not only filing out or obtaining corporate paperwork, but also in arguing and structuring their cases.

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Customer: replied 9 years ago.
Thank you for your assistance. You answered the questions which were needed so badly. The note is within the statute of limitations for the state of Georgia.