while kicking his ass will feel great, is it worth the year of lawyers court and never getting your $$ back or your Gear.
I say give him the "you have till this time or else speach" youll either never see him after that or you'll have $$ or gear in hand.
Tell him to give you are going to take some collateral. Follow his ass to his car and take his CD player or some shit like that and tell him he will get it when you get your shit.
Trust me on this, i was a bouncer and still had to go to court for beating up a dumb ass, and it was my Job. Not worth the time for 60 bones.