Legal Question in Credit and Debt Law in California

promissory note

I lent $150,000. to another person from my home equity line. He promised to pay me $1,000. per month for the use of my money, make the monthly loan payments and pay back the total debt within a year (july 2005). He is late making monthly loan payments & has never paid the $1000. monthly return. I have repeatedly asked for full repayment.

I want to file an unlimited civil suit against him in order to get a legal judgement for the debt to enforce repayment and ultimately file a lien against his property if necessary.

I went to the Chatsworth Superior Court but was told I need to determine the required forms to submit. Please provide any information about the required forms and the process to file them. Also please provide information about methods of enforcing a legal judgement.


Asked on 6/25/07, 2:25 pm

3 Answers from Attorneys
Benjamin Berger Berger-Harrison, A Professional Corporation

Re: promissory note

What you wish to do is a very complicated procedure. You CAN do it, but you will have to spend a tremendous amount of time. Find a book (or online resource) on how to handle your own lawsuit.

For 99.99% of non-attorneys in your situation, it is better to hire an attorney. Unless you love to research, have plenty of time, and are a stickler for detail, you are probably better off hiring an attorney.

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Answered on 6/25/07, 2:32 pm
Jonathan Stein Law Offices of Jonathan G. Stein

Re: promissory note

Here is your first step: HIRE AN ATTORNEY! You lent someone $150,000 who was going to pay back $1,000 per month but pay the whole thing within a year? I think you were suckered. According to my math, he would have paid $12,000 in a year, leaving a deficit of $138,000. If he could have gotten $138,000 someplace else, why would he have needed to borrow $150,000 from you?

My guess is that you are going to be out of luck. Even if you get a judgment, you probably will not be able to collect.

Finally, if you decide you want to do this yourself, and I am guessing every answer is going to tell you to hire an attorney, you can find forms at www.courtinfo.ca.gov/forms

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Answered on 6/25/07, 2:33 pm
Matthew Mickelson Law Offices of Matthew C. Mickelson

Re: promissory note

With this amount of money, I would strongly suggest talking to a lawyer. You don't want to make a mistake which will prevent you from enforcing your claim against the debtor. I am a lawyer in Encino who specializes in cases like this; please feel free to contact me if you would like to discuss this further.

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Answered on 6/25/07, 2:48 pm


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