Legal Question in Credit and Debt Law in Georgia

Promissary Note any Good?

I helped a ''friend'' start a business by doing work, paying for services and supplies and giving him loans. I also loaned the same person money for personal expenses he was unable to pay. Most of what I loaned him (business and personal) are reflected in 2 promissory note agreements I had him sign in front of a notary public. It totals a signifigant amount of money and I'd like to know what my options are for suing him for payment. His business is going ok and he makes enough to pay empolyees and business overhead. He has made NO attempt to pay me back even $100 at this point and this loan & paperwork is 2 years old. What are my real options given I don't have resources to afford a lawyer? He recently signed up with PrePaid legal and I have a feeling my outstanding loan is one of the reasons he chose to get PrePaid.


Asked on 12/20/07, 9:31 am

1 Answer from Attorneys
Paula McGill Attorney at Law

Re: Promissary Note any Good?

You didn't state if you wrote a demand letter regarding the amount owed. If you don't want to hire an attorney to write the letter you can do it, but all too often non-attorneys can ruin their cases if they say the wrong thing in these letters.

You didn't state how much he owes (significant is a relevant term). You may want to go through small claims court, depending on the amount. You can always file in state or superior court on your own, but if he has an attorney, it is probably not wise to do so (even though pro se parties have won against attorneys)

Also, there are several attorneys who will take the matter on contingency. You will have to pay about 1/3 of any amount collected, but it's better than nothing.

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Answered on 12/20/07, 10:11 pm


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