I lend money to a relative. signed an primisory note, but we had problems since the first payment with not sufficient funds, now they are 4 months with no payment everone tells me that forget it, it would not be worth to fight at court, it would cost about the same the owe me. it is 20 grands. any suggestion. i'm retire and that money was part of my savings
1 Answer from Attorneys
Re: promisory note
$20k sounds like a large amount of money enough to justify legal action as prosecuting it should not cost more than a couple of thousand dollars. Of course it will be only worth doing it if you believe the borrower has the means to pay. If he is insolvent, then the judgment will be of little if any use.