Legal Question in Business Law in Virginia
Non-Payment of Business Laon
My husband and I sold our embroidery buiness to another couple. We financed the loan and they signed a promisory note. She is now 5 months behind in her payments to us. The sale was registered in Fairfax County Virginia. The promisory note was drawn up by a lawyer. We have had a lawyer demand payment from her to no avail. What steps do we take next ?
The balance on the loan to us is approximately $80,000.
Asked on 4/23/02, 10:08 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Non-Payment of Business Laon
What you do next is either execute against the collateral, if any, or simply sue on the Note. We handle this kind of case on a regular basis (it happens all too often) - feel free to call me.
Answered on 4/23/02, 11:12 pm
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