Ask Experts Questions for FREE Help !
Ask
    cdl1975's Avatar
    cdl1975 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 6, 2008, 06:29 AM
    Collecting on a promissory note over $5000
    I am trying to collect on a promissory note over $5000.There is no package for this,I have been told to create my own package.What is needed to submit in order to place a judgement against the borrower.Are there any steps to take prior to this and what should I do to make this legal and legitimate?

    Thanks for any help.
    Clint
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Jun 6, 2008, 06:48 AM
    You have to file suit in the appropriate court. Present a copy of the note as proof of the debt.
    progunr's Avatar
    progunr Posts: 1,971, Reputation: 288
    Ultra Member
     
    #3

    Jun 6, 2008, 07:29 AM
    That amount is most likely too large for a small claims case, so, you are going to have to hire an attorney, and file a law suit.

    With a signed promissory note, I feel certain that you will prevail.


    When you do, you will be allowed to include all attorney and court costs in the judgment.

    That is the easy part, getting your judgment.

    Then, the hard part starts, in you being able to collect it.

    The court will not collect your money, they will only give the legal opinion that the debt is owed, and that you have the legal right to collect it.

    You will then have to have the attorney file for levy of bank accounts, or garnishment of wages, if allowed in your jurisdiction, or possibly the placement of liens on any real estate they may own.

    Good Luck to you!

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Enforcing a Promissory Note [ 4 Answers ]

I am holding a promissory note from my ex-husband. Original amount was $38,000.00. About 15,000.00 is still outstanding and 4 months past the date of payment. I am thinking about taking action as he owns property and I cannot stay in contact with him just to collect the money. Is this a...

Promissory Note [ 6 Answers ]

Hi all, If a company on 12/31/05 discounts a promissory note of $30,000 at a bank. The note was created on 06/30/05 with a term of one year, and an interest rate of 8%. The bank's discount rate is 12%. How can I record this entry? I'm sort of confused with what rate to use here, thank...

Advice for a Promissory Note [ 4 Answers ]

About 3 years ago. I signed a promissory note from a friend who owned his own business to help me start up a business that he thought would be good for me. Our relationship dissolved almost three months after the promissory note was drafted. I have not heard from them until I received a letter...

Promissory Note [ 3 Answers ]

I lent money to a so-called "friend" of mine where I had him sign a Promissory note. The promissory note explained the terms for re-payment. It also clearly stated the consequences in case of default. I also had a security agreement with his home and the contents being the collateral. I have...


View more questions Search