Legal Question in Credit and Debt Law in Virginia

Re: Money owed

Lawsuit in your local circuit court, assuming that this debtor resides in the Commonwealth and you know where he or she can be served with the papers.

Re: Money owed

What Mr. Hendrickson said.

If the last breach was 5/08, then you have 3 1/2 years left on the statute of limitations of 5 years.

HOWEVER, BE CAREFUL... THE STATUTE OF LIMITATIONS IS NORMALLY MEASURED FROM THE DATE WHEN SOMETHING WAS NOT DONE THAT WAS DUE TO BE DONE.

So if there was a payment due earlier than 5/08, you could be closer to the expiration of the SoL then you think. So read it carefully.

However, first, you might try:

a) Going to see him taking a witness along with you. He might just say something useful that your witness can testify to. For example, in court, his lawyer may dream up some excuse for not paying.

b) Write him letters or emails and hope that he writes back, which might say something useful.

c) Study the Note carefully. It may give you certain rights, such as a "Confession of Judgment" or collateral or something.

Also it may require arbitration or mediation or some process you must follow first. So study it carefully.

Ultimately, though you would have to sue if he won't pay.

However, you can't get blood from a rock. If he doesn't got it, he doesn't got it. So that's a factor.

Nevertheless, if you come close to the 5 year Statute of Limitations (or when you think he might disappear), you would be better off getting a court judgment, even if he has no money to pay right now. With a court judgment you have 20 years to collect, whenever he gets money.

WHAT COUNTY IS HE IN?

Re: Money owed

I would recommend you hire an attorney and file suit immediately. Good luck.