I want to know what steps I need to take to get back a large debt owed to me by a friend. There was no initial contract, only verbal agreement. It has been 3 years and $2,610 has been repaid out of $10,000. What do I do?!
Additional information
Since the actual loan was loaned on November 17, 2005, my friend shortly after claimed bankruptcy. Does this slim my chances of ever seeing a full repayment?
A verbal contract can be enforceable, and the fact that the debtor made some payments would be evidence that there was some type of repayment agreement.
You can file suit to the collect the rest. If you obtain a judgment against your friend, you can place a judgment lien on any real estate he owns, garnish wages and bank accounts, etc.
Bad News: Most lawyers are going to charge you $200-$300 an hour.
