Statute of Limitation on Personal Loan

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QUESTION 1: Do you accept clients who are private individuals trying to collect a debt from another private individual? And if so, may I inquire as to your rates and whether you employ paralegals on small, simple cases so as to defray costs as much as possible?

BACKGROUND:

In rather exigent circumstances, I loaned my brother $12,537.90 at a 12% annualized rate of interest. He signed a Promissory Note to that effect on July 20, 2016.

The final payment should have been made on March 1, 2018, but during the entire scheduled period of planned amortized payments, he made NONE.

He did thereafter subsequently make three small payments, the last of which was made on April 30, 2018.

QUESTION 2:

Will the original 6-year statute of limitations on a personal loan run out on:
1) July 20, 2022 (6 years after he signed the Promissory Note)
2) March 1, 2024 (calculated from the final scheduled unpaid payment due date of March 1, 2018), or
3) April 30, 2024 (6 years after he made his last payment on April 30, 2018)?

(I’m pretty sure it’s #3, but please confirm.)

RESOLVED
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Posted by Anonymous
Asked on September 20, 2021 1:38 pm
14 views
Public question
Disclaimer: The response posted below is based upon the information made available and is not intended as a full and complete response to the question. The only manner to obtain complete and adequate legal advice is to consult with an attorney. No Q&A posting or other communication will be treated as confidential from this website and does not create an attorney-client relationship.
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Private answer

We do accept cases between private individuals, and every case at the firm has a paralegal assigned to it, in addition to an attorney.

Unfortunately we can not provide legal advice on statute of limitations over a public Q&A. Often, many claims arise from a single cause of action, and each claim may have a different statute of limitation. Therefore, because your case could be barred by the passage of time, we highly recommend you speak with an attorney as soon as possible.

You can schedule a free case assessment with an attorney to discuss your specific facts, claim, options, legal costs, and any statute of limitations issues by scheduling online at go.oncehub.com/rhbooknow or you can call us at 303-688-0944.

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Posted by Bill Henry (Questions: 1, Answers: 75)
Answered on September 21, 2021 7:22 am