Legal Question in Credit and Debt Law in Nevada

Collecting a Loan

My husband and I loaned about $10,000 to a friend that was losing his business, and have a written and signed agreement of the terms of repayment. He has since closed his business and is not trying to pay us back and threatening Bankcruptcy. We are afraid he and his family are gonna disappear. What if any action can we take to get our money back that we loaned him?


Asked on 4/20/09, 11:01 am

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: Collecting a Loan

You will have to sue him to collect. You may want to wait as you have six years from the date of default to sue in Nevada. Maybe he will go bankrupt, which will save you the costs of the lawsuit. I would probably charge two thousand five hundred dollars to get a judgment.

Since he closed his business, I would not be optimistic.

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Answered on 4/20/09, 3:12 pm


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