Legal Question in Credit and Debt Law in California

Past due promissory notes for approx $270,000.00

I am currently broke and need to pursue a judgement on three promissory notes. i will be happy to email copies. I have sued for judgement before but never for a promissory note and never for this much money. the note is for payment by an individual and his LLC. he had a partner who still swears he will agree to repay also, they both agree that they will sign an agreement to forego court because they dont have the money either, what is my best route?


Asked on 3/10/09, 6:53 pm

5 Answers from Attorneys

Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Past due promissory notes for approx $270,000.00

Sue now and collect later on when they have the money. I would be happy to speak with you about this.

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Answered on 3/10/09, 7:11 pm
David Gibbs The Gibbs Law Firm, APC

Re: Past due promissory notes for approx $270,000.00

Attorney Stone is correct. If they are agreeable, tell them you have to file the lawsuit to protect yourself, then after they have been served, have them execute a stipulation for entry of judgment in the amount they owe. Once you have that judgment, record an abstract of judgment in every county where you think they might have property. Not many attorneys will take this on without a big retainer up front, especially given the fact that you state the borrowers are broke. With little chance of recovery, the attorney would essentially be working for free.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

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Answered on 3/10/09, 7:29 pm
Daniel Bakondi The Law Office of Daniel Bakondi

Re: Past due promissory notes for approx $270,000.00

I have pursued promissory notes repeatedly, and would want to take a look at your documents. Let me know if interested in having me write a demand letter, and filing a lawsuit.

Best,

Daniel Bakondi, Esq.

IMPORTANT:

No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time sensitive and may result in loss of rights if you do not obtain an attorney immediately.

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Answered on 3/10/09, 11:18 pm
Daniel Bakondi The Law Office of Daniel Bakondi

Re: Past due promissory notes for approx $270,000.00

I have pursued promissory notes repeatedly, and would want to take a look at your documents. Let me know if interested in having me write a demand letter, and filing a lawsuit.

Best,

Daniel Bakondi, Esq.

IMPORTANT:

No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time sensitive and may result in loss of rights if you do not obtain an attorney immediately.

Read more
Answered on 3/10/09, 11:18 pm
Larry Rothman Larry Rothman & Associates

Re: Past due promissory notes for approx $270,000.00

We will have to review your documentation and make sure there was no overlap between your judgment and an action on the note. When was the last payment made? Our firm does handle cases on a contingency.

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Answered on 3/20/09, 6:17 pm


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