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If you loaned money to someone and the time lapsed to

Customer Question
If you loaned money...

If you loaned money to someone and the time lapsed to collect is there a time limit on suit for the stress it is causing you?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

New Jersey

Lawyer's Assistant: Has anything been filed or reported?

No because it was too late but I have proof of the loan

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No but this person opened a business now and I know he has income from my money. I am seeking some way to collect but he went away after the loan and could not be found

Submitted: 4 months ago.Category: Legal
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Answered in 6 minutes by:
1/13/2018
Lawyer: Lori, Attorney replied 4 months ago
Lori
Lori, Attorney
Category: Legal
Satisfied Customers: 1,498
Experience: Attorney with over 25 years experience
Verified

Hello. Let me try to assist you today. You did not mention the type of debt you are trying to collect but there are different statutes of limitations applicable to debts:

Depending on the debt type there are four different times.

  1. For contracts that are not notarized or from the first attempt of collecting on the default: 6 years
  2. For notes when no attempt of collection has been made: 10 years
  3. For notarized contracts: 16 years
  4. For real estate transactions: 20 years

So depending on the debt, you may not be time-barred. Even if the time has run, you can still send a demand letter to collect the debt or send it to a debt collector.

You cannot recover any type of mental distress on the debt owed to you.

Hope that helps.

Please remember to accept my response and post a positive rating.

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Lori
Lori, Attorney
Category: Legal
Satisfied Customers: 1,498
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