Notarized Personal Loan
(Colonial Beach, VA, USA)
I have a signed and notarized personal loan agreement between myself and a husband and wife. It was for 7 years with interest specifically being paid each year. The only interest payment I received was in the second year in which they paid for year one and two. I sent reminders on a yearly basis of the amount due and requested some payment. They refused to pay any additional amount. Now the note is due and he complains of foreclosure of their home, bad economy, bad business, etc. They own property in another state and his business now has two local offices. THis is a legal, notarized note with both adults signing and agreeing to the amount and to pay attorney costs if they are incurred in the collection of this money. What type of attorney do I need? Do I need to seek a judgment in the courts? Thanks for your assistance.
Reply from DebtCollectionAnswers.com:
Depending on the amount you are trying to collect, you may be able to take them to small claims court. Or you can hire an attorney who collects debts. Keep in mind, however, that even if you manage to get a judgment you'll still have to collect on it. And if they truly don't have the money to pay - or if they file for bankruptcy - you may end up throwing good money after bad.
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