Legal Question in Credit and Debt Law in New Jersey

I am trying to collect on an unsecured, signed, notarized promissory note in the amount of $25,000 lent to a friend over 2 years ago, which was supposed to be repaid in full once he received anticipated payments from another source. However, he has stopped responding to my inquiries and I suspect he has no intention of making good on that debt. I understand that my first step, would be to prepare a "demand" letter. Beyond that, am I likely to run up legal bills into the thousands in trying to pursue this? I expect that it may prove difficult to get any money from this person, but at least a "judgment" would have some value to me as an offset for some future taxes. Would this be a "losing game" to pursue?


Asked on 4/17/14, 8:59 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

I do enough collection work of that kind to be able to give you a reasonable fee arrangement if the terms of the note warrant it. If you email a copy of the note to me with your contact information, I will review it and get back to you.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 4/17/14, 10:47 am


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