Legal Question in Civil Litigation in California
default on a personal loan
if one borrows money under a business or person and defaults, what can I legally do to collect? this former friend borrowed $40k and repaid $15k. he was voluntarily paying 3% a month for the loan which he was paying but haven't done so in the last 3 months. He has a bail bonds business but may have changed ownership to avoid liability of this debt. what can I do to nail this guy? and collect?
3 Answers from Attorneys
Re: default on a personal loan
The answer is that you sue the individuals and companies involved and sort it out in court. If they settle, you get paid an agreed amount. IF you have to sue and get a judgment, then you TRY to collect from whoever you got judgment against. Feel free to contact me if serious about getting the legal help you'll need.
Re: default on a personal loan
Is there a written contract? Does the contract name this person as an individual, or is there a fictitious business name or a corporation? Who drew up this contract?
Th case is too big for small claims court, so you will need to hire a lawyer and sue him in Superior Court. The lawyer or lawyers you consult will advise you on the possible difficulties you might have collecting your money from him even if you win in court. If he is a licensed bail bondsman, and he is the individual debtor, you should have no problem locating him.
Re: default on a personal loan
You may file a lawsuit under breach of contract and etc.. But it is important to do an asset search to see if your judgement can be collected. Call us at 213.388.7070 for a free consultation about your case.
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