Legal Question in Civil Litigation in New Jersey

Re: collection of borrowed money

If you have any proof that the person really does owe you the money, you can file a claim in Superior Court, Special Civil Part for $3,200 ($3,700 less $500 you have already received). You may not be able to collect any of the interest without a written agreement, however. The filing fees are low and you do not need an attorney, although it is advisable to have one if you do not have a promissory note or other written evidence that the person actually borrowed the money from you. A judge will hear and review your evidence and make a decision. You are then responsible for collecting the money from the borrower (assuming you win the case), which may not be easy. It is probably in your best interest to contact an attorney on this matter. You can call my office to arrange an appointment and consultation.

Re: collection of borrowed money

That is a 40% rate of interest for a 30 day loan. On a yearly basis based on a 365 day year that would work out to about 486% per year. I have addressed the topic of interest in New York in a prior Blog post "How Much Interest is Allowed on a Loan in New York?" which you can find by pasting the following link in your browser:

"http://www.newyorkbankruptcylawyerblog.com/2009/05/how_much_interest_is_allowed_o.html"

The foregoing is intended as information of interest to readers of this website and is not intended as legal advice for your situation. You should consult with an attorney regarding the particulars of your matter.

Best regards,