Legal Question in Real Estate Law in Florida

Default on Promissary Note

I am unemployed, do not own property, and am delinquent on a $38K promissary note. They are now asking me to pay in full or they will take legal action.

What can they do? What do I need to do?


Asked on 9/04/08, 3:01 pm

1 Answer from Attorneys
Richard Nazareth The Nazareth Law Firm, P.A.

Re: Default on Promissary Note

They can sue you for a judgment, however, once they get it they will have to pursue state execution efforts to collect such as wage garnishment, levying personal property, foreclosure, etc.

However, you may be judgment-proof if you do not make enough otherwise you could discharge the judgment through a chapter 7 bankruptcy as an unsecured nonpriority debt.

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Answered on 9/04/08, 11:20 pm


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