Legal Question in Credit and Debt Law in Texas
Debt Collection Through Small Claims Court
I made a personal loan to a friend over 8 years ago that she refuses to pay back. It was to be repaid a couple of weeks after the loan was made. All reasonable attempts to get the money back has been futile. I've learned that I may seek relief through Small Claims Court. However, I've also been given some unqualified advice that the loan is now too old for me to have legal claim. Is there a statue of limitations on seeking legal relief for this loan? I've heard that there is some kind of statue that says the limitation is no more than 4 years after the initial date the loan was due back. I would really like to know the truth before I'm forced to accept the loss.
1 Answer from Attorneys
Re: Debt Collection Through Small Claims Court
SOL is 4 years.