Legal Question in Credit and Debt Law in Tennessee

Failure to repay a Promissory Note

My grandmother gave me $7,000 in 1994 for a downpayment for a house. After 6 years a exectutor of the estate was appointed, at that time they requested for me to pay back the money plus interest and sign a Promissory note. I signed that in 2000; I made payment for 2 years totaling $3100.00. Since I have become unemployed; and have three children. I can not afford at this time to repay the balance. My grandmother has passed aways so it has been handled by the exector; they are threatening to take me to court. I do not have any money at this time to repay the loan. I want to know what I can expect from their Attorney as means of collection and what are the penalties that can be places on me? Can they take away or home? What can they do to me until I can afford to pay it back in the future? This is not the only bills that I have unpaid; I have medical debt that I am paying $10.00 per account per month. Please advise as this has me & my family very upset!


Asked on 9/24/04, 6:10 pm

1 Answer from Attorneys
James R. Becker, Jr. Becker Law Firm

Re: Failure to repay a Promissory Note

Without looking at the documents you signed and everything surrounding the transaction, it is impossible to give you a complete answer to your inquiry. It seems likely that your best recourse at present is to try and work out some type of payment plan. It also seems likely that the promissory note you signed will govern what your rights and responsibilities are.

A more thorough analysis of your situation is probably warranted. I would recommend that you take the documents related to this transaction to an attorney for a review and consultation.

[Disclaimer: The above comments are not intended as nor should they be relied upon as "legal advice", which can only be obtained by personal consultation with a retained attorney; at which time the specific facts and circumstances of your case can be thoroughly evaluated. This reply is provided for general informational and educational purposes only, and does not create an attorney-client relationship with the responding attorney.]

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Answered on 9/27/04, 10:46 am


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