Legal Question in Civil Litigation in California
Collect a loan
What should I do if a friend I loan money to did not pay back after the due date. I only have a notarized promisory note as proof of the loan.
2 Answers from Attorneys
Re: Collect a loan
Small claims court.
Re: Collect a loan
A promissory note is a contract, which can be enforced through a lawsuit and, in certain situations, by other remedies which you can get before you get a judgment. However, your question does not contain enough information. What is the amount of the loan? What was the purpose of the loan (i.e., business or personal?). Does your friend have the ability or assets to repay you and is just being stubborn, or does he lack the ability to pay you? What you can do or should do depends on the answers to these questions.
If the loan is under $5,000, a lawsuit in small claims court may be the best solution. However, if the loan is larger, you should consult an attorney.
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