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How To Collect On Promissory Note In Default

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  • 01-30-2008, 03:47 PM
    bowhunter
    How To Collect On Promissory Note In Default
    A friend asked to borrow $14,000. It's between his company and me, but he signed it personally. He said he'd repay me in a month along with an additional $1,000 interest for loaning it to him. I wrote up a promissory note and we both signed it but it is not notarized. He is now 20 days in default. I told him I'd go to the Indiana Small Claims Court, but now he says that I violated the loan sharking laws. Now I'm afraid to file to get my money back.
  • 01-30-2008, 04:16 PM
    seniorjudge
    Re: How To Collect On Promissory Note In Default
    Sue the bad person in small claims court.
  • 02-01-2008, 06:03 AM
    bowhunter
    Re: How To Collect On Promissory Note In Default
    Indiana is limited to $6,000 so do I have to get a lawyer and go another route?
  • 02-01-2008, 03:44 PM
    Betty3
    Re: How To Collect On Promissory Note In Default
    Quote:

    Quoting bowhunter
    View Post
    Indiana is limited to $6,000 so do I have to get a lawyer and go another route?

    Yep - can't sue in small claims court in Indiana for more than $6,000.
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