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.
Re: How To Collect On Promissory Note In Default
Sue the bad person in small claims court.
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?
Re: How To Collect On Promissory Note In Default
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Quoting
bowhunter
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.