Legal Question in Credit and Debt Law in New York

Promissory notes

I have an installment promissory note on someone who owes me $9557 even. It has been notarized and in the event that he defaults on his payments, would it be possible for him to find a loophole around paying the money? He was of legal age and could he be able to dodge payments, such as child support?


Asked on 10/14/08, 1:44 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Promissory notes

Payment of a promissory note is only as good as an individual's ability to pay. Even if you receive a judgment, if a person has no money he (or she) will not be able to pay a promissory note.

Mike.

Read more
Answered on 10/14/08, 7:56 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New York