Legal Question in Credit and Debt Law in Maryland
how do I collect on a personal loan of $22,500.00 ? I have a promissory note signed and a copy of certified check.
Asked on 1/25/11, 2:39 pm
1 Answer from Attorneys
Cedulie Laumann
Arden Law Firm, LLC
With any debt the note should specify how this gets repaid and steps the lender may need to take if default occurs. The creditor usually starts with a letter or two. Although an attorney will need to look at the loan document to offer specific advice, generally speaking if the debtor does not pay the creditor can file suit. If one obtains a judgment then certain garnishment rights can be used.
Answered on 1/27/11, 3:11 pm