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Is Small claim the way to go?

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internut

Junior Member
What is the name of your state (only U.S. law)? Maryland

Hi all,

My problem is with a LLC property company and the owner who I thought was a friend. Anyway I have done quite a few deals investing with him from $1k, $10k, $20k, and the largest $68k. All previous deals were paid back, interest always paid.

Well as the housing market sunk he got into a property where he took a loss on.

During the deal of the $68k which has been about 2 or so years now in agreement he has paid me $647 /mo for interest on the borrowed amount. Every month.

In February of this year he stopped paying me. He is avoiding any calls or e-mails from me. I'm wondering if he has just given up on trying to pay interest or re-paying the borrowed amount.

Is small claims the way to go? Where do I start?

I am now having to pay the interest on the money I borrowed personally and its not easy with no payment coming from the LLC / Owner.

Appreciate any help.

Thanks!
 


Zigner

Senior Member, Non-Attorney
What is the name of your state (only U.S. law)? Maryland

Hi all,

My problem is with a LLC property company and the owner who I thought was a friend. Anyway I have done quite a few deals investing with him from $1k, $10k, $20k, and the largest $68k. All previous deals were paid back, interest always paid.

Well as the housing market sunk he got into a property where he took a loss on.

During the deal of the $68k which has been about 2 or so years now in agreement he has paid me $647 /mo for interest on the borrowed amount. Every month.

In February of this year he stopped paying me. He is avoiding any calls or e-mails from me. I'm wondering if he has just given up on trying to pay interest or re-paying the borrowed amount.

Is small claims the way to go? Where do I start?

I am now having to pay the interest on the money I borrowed personally and its not easy with no payment coming from the LLC / Owner.

Appreciate any help.

Thanks!
A $68,000 claim is WAY over the small claims limit.
 

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