More details to this question:
It is regarding a client to whom I lent $200,000 about 3-4 years ago. He had signed a promissory note/contract promising to pay $1000 every month and return the $200,000 in full within 1-2 years. I have this signed contract in my possession. He has not been able to make his monthly payments alleging that he is in financial difficulty. In 2011, he hardly made 1-2 payments. In 2012, he made no payments. This year, he made partial payments, off and on. He was short $500 in his Feb. payment which carried over with the March payment, which was $1500. It is April now and he has not paid the $1500 which was due in March. So now his April payment will accumulate to $2500. He asked me and my wife for a meeting to take place at my home last Friday in Diamond Bar to discuss his financial difficulties. He never showed up and has not returned our numerous calls. I would like my money back from this person. Is this under Consumer Law, Debt Collection? How do I pursue this?
1 ANSWER
This is a debt collection, breach of contract case. The risk is he could file bankruptcy if you sue him but a lawsuit must be filed within two years of breach of oral contract and four years of breach of written contract.
You can have a lawyer run an assets check on this guy or do it yourself on various websites including Westlaw and Lexis-Nexis.
I would be happy to discuss your options. www.lakeshorelaw.org
Answered on Apr 09th, 2013 at 4:23 PM
www.lakeshorelaw.org