Legal Question in Credit and Debt Law in Minnesota

Collecting a personal debt

I loaned a large sum of money to a friend by taking out a 2nd mortage on my house in my name. He has not made the monthly payment for 3 months as they promissed to do. I am now facing foreclosure. I have a signed ,dated note from him acknowledging the loan and promissing to pay. It is not notorized or witnessed. Am I able to take him to court to collect - is the document I have valid? Also, what is the dollar limit in small claimes court? The amount of the loan is currently $112,000.


Asked on 4/30/07, 11:47 am

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Collecting a personal debt

You would be wise to obtain counsel to assist with that large a debt. I have 25 years

Experience in Debtor-Creditor law.

Small claims court limited to $7500.

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Answered on 4/30/07, 1:09 pm


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