Legal Question in Civil Litigation in New York

Re: Loan repayment

Unless the Statute of Limitations has run you can sue the business entity yourself. At least you would have a judgment should they ever become profitable. Any law library or legal stationary store would have the Court Forms you need.

Re: Loan repayment

The small claims limit for individuals is $5,000. Otherwise for claims up to $15,000, my Firm offers a flat fee of $2,000 plus expenses, which are generally around $150. You could probably do the whole thing yourself with a little effort. Feel free to contact me to discuss the claim and yoour options (212) 269-0568

Re: Loan repayment

Do you have a written loan agreement or promissory note as evidence of the loan? Did you make the loan to individuals or to a corporation?

Assuming you have a written loan agreement of some kind you have 6 years from the date the money is due to sue to recover it. If you are in NY City you may use the Civil Court for amounts in excess of $2,500, which is the the small claims court limit.

Last time I checked the jurisdictional limit of the NY City Civil court, (or out of the city in District or County Court)it was up to $25,000.00, and if you are suing on a defaulted money loan it is a relativly simple procedure to bring such an action, and as long as you have a writing signed by the party who owes the money, there is no defense.

If it is a corporation that you loaned the money to, however, and the loan was signed by a person as an officer of the corporation, while the same is true with respect to suing the corporation in Civil Court etc., if there are no assets, then trying to enforce a judgment might drive the corporation into bankruptcy.

In the event it was an individual, the judgment may be enforced against any of his assets. However, that is not true if it is a corporation. Then, only the assets of the corporation are available to enforce the judgment.

Be aware that whether individual or corporation, if the other party to the loan files for bankruptcy that you must assert your claim as a creditor in bankruptcy court.

This is all I can tell you based on the limited information you have provided.