Unpaid Loan Legal Options

Summary

In New York, the statute of limitations for debt collection is six years from the date of the last payment. If the last payment was in 2012, its likely too late to file a claim in small claims court. Alternative solutions include mediation, arbitration, contacting a debt collection agency, or writing off the debt as a bad debt expense on your taxes, if applicable.

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Can I take someone to small claims court for an unpaid loan from *?
Hello ****, it generally depends on the statute of limitations in your area. Can you please provide me with your location so I can give you more accurate information?
NY
Hello ****, in New York, the statute of limitations for debt collection is typically six years, which starts from the date of the last payment. If the last payment was in *, unfortunately, it's likely too late to file a claim in small claims court.
Is there an alternative solution?
Hello ****, you may consider:
- Mediation or arbitration, which are alternatives to litigation.
- Contacting a debt collection agency.
- Writing off the debt as a bad debt expense on your taxes, if applicable.