Legal Question in Civil Litigation in Wisconsin

Private Unsecured Loan Collections

The next time you lend money, you should, with the help of an attorney, obtain collateral in order to secure you loan. If done properly, that would allow you to sue the successor business for the original owner's debt to you if you were not paid at the time of the sale. However, perfecting a business security interest is tricky and not always successful. You should therefore "not try this at home," but instead seek professional commercial law advice. The only way I know of to collect on an unsecured obligation is to sue. The likelihood of ever seeing your money, however, is far from certain.