Legal Question in Credit and Debt Law in New York
Promissory Note
From November, 2001 until November 2002, my ex-girlfriend borrowed $18,000 from me. In October, 2002, she signed a note that I drafted indicating that she would repay all of this debt, interest free, at the earliest possible convenience. I had thought she would have sold her private home by this time and taken out the $18,000 from her profit to give to me. However, she has not sold her home, and her new boyfriend is apparently keeping her financially solvent there.My questions: What recourse do I have should no payment be forthcoming by March 1? How much will it cost me to hire an attorney to take this woman to court to regain my money? Is there anything above the aforementioned amount for which I may sue her(example: Without telling her that I laid out the money, I paid $215 to a storage company to return her items to her home in November, 2002). Can I claim any mental or emotional injury concerning her negligence to repay, especially since she is well aware that in 1997 I filed for personal bankruptcy and waited until 2000 to become financially stable once again?
Thank you.
1 Answer from Attorneys
Re: Promissory Note
Q. What recourse do I have should no payment be forthcoming by March 1?
A. You would first have to demand payment. If payment is still not forthcoming, you should commence a lawsuit.
Q. How much will it cost me to hire an attorney to take this woman to court to regain my money?
A. Disbursements plus attorney fees. If action is commenced in the City Court, disbursements are $35.00 for the index number and $30.00 for the Notice of Trial fee. If the action is commenced in Supreme Court, $185.00 for the index number, $75.00 for the RJI fee, and $25.00 for the Note of Issue fee. There will be a cost of approximately $40.00 for the process server. Attorney fees may vary. Depending on the circumstance, I charge $200.00 an hour, and would request an initial retainer of 5 hours or $1,000.00. If the likelihood of return is high, I may be retained and paid contingent on collection. If that is the case, I usually take 1/3 of any money received whether by settlement or judgment.
Q. Is there anything above the aforementioned amount for which I may sue her (example: Without telling her that I laid out the money, I paid $215 to a storage company to return her items to her home in November, 2002).
A. Probably not, especially since her obligations to you were merged into the promissory note.
Q. Can I claim any mental or emotional injury concerning her negligence to repay, especially since she is well aware that in 1997 I filed for personal bankruptcy and waited until 2000 to become financially stable once again?
A. No.
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