Legal Question in Business Law in Georgia

collect unsecured debt

I loaned my company money by check deposited to the company and owner's accounts and recorded as a loan to the company from me. I have copies of the checks and the deposit slip as well as general ledger of the transactions (2). A contract was discussed but never executed. The relationship has soured. What recourse do I have to collect the debt?


Asked on 9/13/07, 6:36 pm

3 Answers from Attorneys

Charles W. Field Charles W. Field, Attorney at Law

Re: collect unsecured debt

If your claim is under $15,000.00, you can sue in small claims court in the county where the business is located.

Read more
Answered on 9/14/07, 5:04 pm
John Jackson Law Office of John A. Jackson, P.C.

Re: collect unsecured debt

You can sue to collect the debt.

Read more
Answered on 9/14/07, 8:59 am
Roger Krause Krause & Witcher

Re: collect unsecured debt

You have the right to collect the debt. Of course the best practice is to have an executed agreement, that includes the terms (interest rate, time, etc.) of the loan, however, the absences of such an agreement does NOT result in a forfeiture of your funds. If this is a large sum of money, you should retain counsel, for their maybe some additional complications, specifically your rights as a major creditor of the company. If the company is in Georgia, and the sum is less than $15,000.00, you can bring suit in the magistrate court of the county where the company operates.

Read more
Answered on 9/14/07, 9:06 am


Related Questions & Answers

More Business Law questions and answers in Georgia