Legal Question in Business Law in California

Hello Kevin,

It is not possible to know whether he has assets sufficient to satisfy a judgment just from the information you provided; usually some investigation is required to ascertain this type of information. There is enough money involved to make a brief consultation with an attorney worthwhile. Among other possibilities, you may be able to sue for punitive damages in addition to what he owes you. Of course, there are time limits involved, as well as other reasons for you to act quickly. You don't want to wait, or you may lose all your rights. You will also want to make sure the prosecuting agency is aware of your situation; you may be entitled to restitution.

Talk to an attorney, and best of luck to you.

When you discuss this indebtedness with an attorney, a major question will doubtless be when to sue. You want a judgment for the entire amount, not only the unpaid interest but for the principal as well. So, a matter to discuss is whether the borrower's failure to pay interest periodically is a sufficient default to render the entire note due and payable. If so, file suit ASAP. Otherwise, it may be prudent to wait until the principal is due and unpaid. Also, does the note specify what state's law applies and/or where litigation will be conducted if necessary? Probably and hopefully California.