Legal Question in Civil Litigation in Pennsylvania

Default on Promissory Note

I have a notarized promissory note for $6500 signed by myself and the borrower. There is also a contract signed by myself, the borrower, and a witness. It outlines the payment amounts per month over a period of 6 months to begin 10/19/05, and end on 2/19/06. He has yet to pay, stating he does not have the funds. What do I do next?


Asked on 12/16/05, 10:13 am

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Default on Promissory Note

Send a demand based on the terms of the note and demand response within 10 days. If no payment, sue now for what is -currently- owed. Do the same thing at the expiration date for the remained. Otherwise you're limited to common please court or stuck with the small claims limitations. By making 2 claims you can recover everything in small claims in two smaller bites.

Be warned, debtor may have no way to pay and could just as simply go bankrupt.

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Answered on 12/16/05, 10:36 am


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