Legal Question in Credit and Debt Law in California
Trying to Collect on a Promisory Note
I am a Lender on a Promisory Note. The Borrower signed and notorized the note agreeing to pay me the money and reasonable legal fees and collection fees. The Borrower has been in collection for years and has horrible credit and doesn't care. My question is this, is there any other legal way besides it going to collections knowing if it does I will not get a dime of my money. Is there a possibility of hiring a lawyer and getting his wages garnished or legally getting my money taken out of his bank account. Any advise would be greatly appreciated as I am desperately trying to get my money back. Thank you
4 Answers from Attorneys
Re: Trying to Collect on a Promisory Note
Absolutely, and the sooner you take legal action on this issue the better! You definitely do not want to wait until the statute of limitations bars your claim forever. So, the best route for you to promptly take here would be to send out a demand letter and adjudicate the matter in court ASAP if this person at issue is non-responsive. Once you get a court judgment, you will then have legal collection remedies such as wage garnishments, bank account levies and/or real property liens to collect your money from the "deadbeat" debtor at issue. If you would like prompt, affordable legal assistance in this unfortunate matter, contact our Law Office today for a free phone consultation.
Re: Trying to Collect on a Promisory Note
It is possible to hire a lawyer to sue under the note. Generally, most notes have a provision allowing the recovery of reasonable attorney fees. We can assist by filing a lawsuit and garnishing wages or attaching a bank account. Please call us if you have any questions.
Re: Trying to Collect on a Promisory Note
You'll need to secure a judgment, which would include your attorney fees pursuant to the agreement. Then you will have the ability to pursue collection remedies, such as wage garnishment, bank account levies, and attachment of real property.
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Re: Trying to Collect on a Promisory Note
You can go to court, get a judgment against the debtor, and then you will have the ability to go into his bank account, seize real property and sell it to pay the note, and many other options. Feel free to contact me if you would like to discuss this further. I'm a lawyer in the Los Angeles area.