Legal Question in Credit and Debt Law in New Jersey

Promissory Note

I have a note with an individual for over $ 25,000.00in NJ.

It is due & payable in full now.But he has hidden his assets. He lives in a million dollar house owned by his wife. He uses his wife's credit card, debit card, & a luxury car.

My question is how do I proceed.

1) He is a sole member of an incorporated business, which pays for most of his personal expenses, personal obligation. If reverse veil piercing becomes a possibilty, can I collect from the incoming revenue of his sole member incorporated business. The promissory Note is in the personal name.

2)I bought this Note from STAPLES store. & it states '' In the event this note shall be in default, and placed with an attorney for collection, then the undersigned agree to pay all reasonable attorney fees & costs of collection. '' If I give this case to an attorney, will all the attorney fees including the attorney fees involved in collection efforts be covered by this clause.


Asked on 7/06/09, 6:53 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Promissory Note

You don't need any veil piercing. If you win a judgment and there are no other assets, you can apply to have the stock of the corporation turned over to you. The threat alone will probably get the debt paid.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 7/07/09, 9:42 am


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