Legal Question in Civil Litigation in Florida

Re: loan repayment/promissory note

You can file a claim for breach of contract. You will get a judgment, but it may be very difficult to collect.

Re: loan repayment/promissory note

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Your only option seems to be filing a suit for breach of the promissory note. If you had no collateral, you may obtain a judgment but might never collect. Regardless, records a certified copy of the judgment in the public records in the county in which he lives and if he turns his life around, this may prove enough of a hinderance that he is forced to resolve the judgment in order to clear his credit.

Scott R. Jay, Esq.

Re: loan repayment/promissory note

I read the other two answers. While they are generally correct, prior to filing suit, you may need to send a written demand for the full amount of the note by declaring a default for non payment. This is called accelerating the note. I have on occassion been successful in defeating an action where people have not first given this demand. Also, does the note have a provision for attorney fees? This can sometimes cause the prospective defendant to try to cure his default because the attorneys fees, interest and court costs can drive up the amount to a much higher judgment figure than just the amount of the note.