Legal Question in Civil Litigation in California
How do I go about collecting on a promissory note in excess og 30,000.00 in the state of california? The debtor owns a business and borrowed on behalf of the business and it is now for sale.
4 Answers from Attorneys
The term "business" has no meaning within the legal system. There are sole proprietors, partnerships, and corporations. If you lent money to a corporation or limited liability company, and it went bust, and you failed to obtain a personal guarantee from the owner, you could be out of luck. Consult a local attorney and be sure and watch out for legal time limits.
By filing suit, naming as defendants each of the borrowers and guarantors, then either settling or trying to obtain a judgment at trial. If the borrowers no longer exist, have gone broke or bankrupt, you are SOL. If they exist and have assets, then feel free to contact me for legal help.
If the debtor refuses to pay you can file a lawsuit for breach.
The issue that frequently arises in a case like this is whether the debtor has assets from which you can collect following your obtaining a judgment in court.
The fact that they own a business is good as it is possibly a source of funds from which you can collect.
You should contact a local attorney to discuss your options.
Caleb
email: [email protected]
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