Legal Question in Credit and Debt Law in California

Unpaid Promissory Note.

I hold a promissory note in the amount of $48,000. The note is over 10 years old and I have not been able to collect.

The person who owes the money agrees that he owes it yet refuses to pay.

What is the best way to collect this debt?

Asked on 11/21/06, 2:46 pm

5 Answers from Attorneys

Matthew Mickelson Law Offices of Matthew C. Mickelson

Re: Unpaid Promissory Note.

The time limit to sue on an unpaid promissory note is generally four years -- but the limitations period only starts running from the time when the debtor fails to pay when he was required to. In addition, if the debtor has acknowledged in writing that he owes the debt, you may still be able to collect even if the time limit has run. I can't advise you more without more information. I specialize in collection matters; feel free to contact me if you would like to discuss this further.

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Answered on 11/21/06, 2:50 pm

Joel Selik

Re: Unpaid Promissory Note.

File a lawsuit!

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Answered on 11/21/06, 2:53 pm

Re: Unpaid Promissory Note.

Have you been paid in the last 10 years? If not, you might have a statute of limitations problem. It will depend upon the structure of your note. I would need to review the actual note to determine if you have an enforceable obligation at this point.

Email or fax it to us, and one of my attorneys would gladly review it at no charge.

***No Legal Services or Attorney Client Relationship - Although this email may provide information concerning potential legal issues, it is not a substitute for legal advice from qualified counsel. You should not and are not authorized to rely on this email as a source of legal advice. Until a formal Retainer Agreement is executed, any communication between you and The Guerrini Law Firm cannot create any attorney-client relationship between you and The Guerrini Law Firm.***

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Answered on 11/21/06, 2:56 pm
Carl Starrett Law Offices of Carl H. Starrett II

Re: Unpaid Promissory Note.

Your only remedy is to file a lawsuit. As my colleagues have correctly noted, you might have a problem with the Statute of Limitations in this matter.

Feel free to contact my office for a complimentary review of your matter.

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Answered on 11/21/06, 3:01 pm

Re: Unpaid Promissory Note.

You may have a problem with the statute of limitations, however, for tolling of the statute call me directly at 16192223504.

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Answered on 11/21/06, 7:43 pm

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