Legal Question in Civil Litigation in Illinois
personal loan
if someone could not pay back loan of $500,000.00 personal loan.which this loan was not secure with anything!. just with promissory note. what is the consequences?
2 Answers from Attorneys
Re: personal loan
Well, the creditor could possibly file a lawsuit and obtain a Judgment for he amount of the loan. Then, the judgment creditor could file executions against assets owned by the debtor, garinsh the debtor's bank accouts, garnish the debtor's wages, and take other legal actions to collect the money owed to him or her.
Re: personal loan
The creditor could file a lawsuit and obtain a judgment for the amount of the loan. Then, he or she could file post judgement proceedings to garnish wages, bank accounts and attach personal property and record against any real property owned.
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