Legal Question in Credit and Debt Law in Texas

Non-payment of personal loan

I am owed nearly $50,000 in late compensation for work done for a company (with sole proprietor) and also for late payment of a loan made to this same person. It has been more than two years and I have not been able to collect. I would like to bring this to a resolution.


Asked on 4/10/07, 5:26 pm

2 Answers from Attorneys
James Grissom Law Office of James P. Grissom

Re: Non-payment of personal loan

Sounds like you are going to have to sue him. What is the likelihood of collecting? Can he go into bankruptcy? These are just a couple of questions you want to answer before you file the lawsuit. Might want to consider hiring a lawyer. Might be worth it if there is a decent possibility of collecting on a judgment.

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Answered on 4/10/07, 5:58 pm
Peter Bradie Bradie, Bradie & Bradie

Re: Non-payment of personal loan

You will have to sue him to collect. Bear in mind that if his business is broke or defunct, collecting on a judgment may be nearly impossible.

The statute of limitations is fouyr years on a debt, so you have some time left. I would have to know more about the debtor in order to give a clear answer.

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Answered on 4/10/07, 6:02 pm


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