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Loan

Asked about 3 years ago - Orchard Park, NY

In April, 2008 I loaned someone $30,000 on amargin account with payback to be in 10 days. It is now 91/2 months later and no payback. What can I do to get mny money back

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Attorney answers (1)

William George Goode

Reputation Level 6

Answered about 3 years ago. Estate Planning Attorney in Holbrook, NY.

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I would need to know some more facts but I would sue the defendant for the amount of the loan. Obviously it would be better if there was some sort of writing such as a promissory note evidencing the debt, but this is not necessarily fatal to your claim. Besides the merits of the case you would also want to look at how likely you are to collect on any judgment. Does the defendant own a house or other real property? Does he a have bank account or other assets? The first step, however, would be an attorney demand letter followed by a law suit if there is no response to the demand letter.

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