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Collecting on a personal debt

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Joenet

Junior Member
I am owed a sum of money and the debtor is willing to give me a document stating that if he does not pay me by April 30th 2017, he will sell his property and pay me what I'm owed. What should this document lol like to safeguard my rights ?
 


justalayman

Senior Member
I am owed a sum of money and the debtor is willing to give me a document stating that if he does not pay me by April 30th 2017, he will sell his property and pay me what I'm owed. What should this document lol like to safeguard my rights ?
That is something you really need an attorney to construct.

Regardless of any such requirement in the contract it would be difficult and possibly quite expensive to enforce. Even if the contract is enforceable, should the debtor refuse to comply, you are relegated to suing to enforce the contract. If the property can actually be sold (is this real property (real estate) or personal property), it can take time to sell property. If thjs is real estate, there are many concerns that may prevent the debtor from actually selling the property.
 

adjusterjack

Senior Member
I am owed a sum of money and the debtor is willing to give me a document stating that if he does not pay me by April 30th 2017, he will sell his property and pay me what I'm owed. What should this document lol like to safeguard my rights ?
It could look like the Magna Carta and wouldn't do you any good.

Might be able to make some helpful comments if you answer the following:

How much money is involved?
How did the debt come about and when?
Why hasn't he paid you till now?
What kind of property are you talking about?
 

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