arbitration in Oregon

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I loaned a friend &7000. Am suing for breach of contract using myself as atty, and a document prep svc. to file. Have filed action and lis pendens on her house to prevent losing the money to bankruptcy. She went to an atty whose letter says I have to cause of action. I can withdraw w/in 5 days, or this goes to arbitration and I pay legal costs if I lose and half the arbitration cost. I think I have case, but feel intimidated. What might this cost? Also, does a person have to represent themself at arbitration, or can they use an atty there?
Any info greatly appreciated. Thanks.

 

[Tracey]

You can & should take an attorney to arbitration, especially if you're going up against another attorney. Also, in preparing for the arbitraton, your attorney will tell you if you really have a case or not. I hope you have the loan in writing. Even a scrap of paper or an email with "IOU $7,000" or "$7,000 @ 8%" will be invaluable. You may have a statute of frauds problem otherwise. (This could be why the attorney says you have no cause of action.)

Do you have to consent to arbitration in your state? Personally, I think mandatory arbitration sucks rotten eggs. But that's another rant for another time....

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.