Legal Question in Credit and Debt Law in Texas
Money
How do I go about collecting on a large outstanding debt that is owed me? I have a signed Promissory Note stating the amount and the terms regarding repaying said loan. What are my options?
Thank you,
Asked on 2/04/02, 11:15 pm
2 Answers from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Money
Make written demand for payment, preferably by certified mail, return receipt requested. If no response, locate a lawyer that practices where the debtor is located, or where the note is payable, that handles collections, and will handle your promissory note.
Answered on 2/05/02, 10:36 am
Anh Regent
Regent & Associates, L.L.P.
Re: Money
To add to what Mr. Bradie stated, you should consider: (1) the chances of winning the lawsuit (any potential defenses?); and (2) collectability of the judgment. If the potential defendant has no assets, a judgment against them may not be worth collecting.
Answered on 2/05/02, 11:47 am
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