Legal Question in Credit and Debt Law in Wisconsin

Collecting on a Promissory Note
This note is two years old. A personal promissory note. First year no interest if paid in full. After that 2% and it had to be paid in five years. At the end of the first year I sent a detailed list of what his monthly payments would be. He said he didn't have the money to pay then. the second year is up and I will send him another payment schedule. What can I do if he won't pay. What are my legal rights in collecting. This is an unsecured note. What should be my next step? Can I put a lien of his property?

Asked on 12/16/01, 11:19 pm

Thomas Schober Schober Schober & Mitchell, S.C.

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Re: Collecting on a Promissory Note

Your summary of the note is insuffieient. You would

need to put the exact language into your request.

You only get a lien when you docket a Judgment against

your debtor. You only get a Judgment when you start

an action and win.

Presuming your note is valid and enforceable, you would

have to start an action and take a judgment for your

debtor's failure to pay your note. You then need

to proceed to collection activities which include not

only docketing the Judgment, but garnishing assets,

executing against assets, etc.

Answered on 12/18/01, 9:31 am

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