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  1. #1
    RIP Guest

    Question Promissory Note no collateral

    What is the name of your state? Texas I hold a prommisory note for someone who owe's me 50k which is past do. I live in Tx. and other in Louisiana. I created two promissory notes one for laws the State of Tx and the other for Louisiana hoping to avoid any complications base on state laws. The prommisory note also states the debtor would be responsible for any legal cost if needed for collection.I have also sent a demand letter, of which I have documented proof that they receieved, to work out payment plan. Ho do I go about collecting the money ? . What should be my next step ? Do I have to get a lawyer involved ?
  2. #2
    djohnson is offline Senior Member
    Join Date
    Jul 2002
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    Tennessee
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    For that amount of money a lawyer would be beneficial but the choice is really up to you. If so you can get a judgement through the courts that would allow you to possibly attach wages, property, etc..

    Make sure you have everything documented.
  3. #3
    RIP Guest
    Do you know what legal steps I would need to take if I did not used a lawyer? I want the used of lawyer to be last step. Is there legal form that I can send this person or something that I can file in court. I would rather work out a repayment plan and I want this person to know that I am serious. Again I would like the used of lawyer to be last resort, because of the additional cost that the debtor would incur.

    Bump ? More like Mount Everest !

    Thanks for your help !
    Last edited by RIP; 10-16-2002 at 02:16 PM.
  4. #4
    dadrummer Guest
    You stated you sent a letter of demand, which was obviously ignored. My suggestion is to contact an attorney and have the attorney send a letter of demand. The costs is relatively cheap, probably $50-$100 and may get the desired results. If they fail to respond to an attorney letter your only choice is to sue. This is too much money to risk going it alone. It would be money well spent at that point to hire an attorney.
  5. #5
    RIP Guest
    What catergory does the type of lawyer that I need fall under ?
    Collections, General Pratices, **************....
  6. #6
    HomeGuru is offline Senior Member
    Join Date
    May 2000
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    [QUOTE]Originally posted by RIP
    [B]What catergory does the type of lawyer that I need fall under ?
    Collections, General Pratices, **************....

    **A: Pitbull

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