Legal Question in Credit and Debt Law in Virginia

Collection of a personal loan

I made a personal loan of $40,000.00. The signed iou was for repayment in full for $52,000.00 on Sept 7 or installments of $15,000.00 monthly with the final repayment of $56,000.00. The first installment was due on Sept.7.

The barrower closed his business Sept. 6 and doesn't answer his phone. What do I do now?


Asked on 9/08/05, 7:14 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Collection of a personal loan

Assuming that the "Iouee" continues to evade paying you back, you will need to retain a lawyer to file suit in your behalf in the appropriate circuit court in order to obtain a civil judgment for all amounts due.

After you obtain the judgment, then this attorney

should also be able to provide valuable advice as to how you should go about collecting(enforcing) on it.

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Answered on 9/08/05, 9:28 am


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