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How can i use promissory note to file a complaint or lawsuit against the debtor?
Wiki User
∙ 12y ago
In an action on a promissory note, the promissory note itself is evidence. Give it to your attorney, who is filing the suit, because he will need all the relevant evidence to pursue the lawsuit.
Wiki User
∙ 12y ago
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If you sign a promissory note to avoid legal action and you don't repay it in full what legal action can be taken against you and is there a statute of limitations?
The holder of the promissory note can file a lawsuit against the signer/borrower in the debtor's state court of jurisdiction to recover monies owed. A promissory note is considered a written legally binding document and therefore is subject to the applicable SOL of the debtor's state of residency.
How do you file for a judgment for an unpaid promissory note?
The creditor (holder of the note) would need to file a lawsuit in the court of jurisdiction where the debtor(borrower) resides. If the creditor prevails in the suit a judgment will be entered against the borrower. The creditor can then execute the judgment in accordance with the laws of the debtor's state.
Can a lien for an unsecured loan be filed against a law suit?
A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.
If you are owed 150K on a promissory note and the other party is refusing to pay how can you collect?
The creditor(lender) will more than likely have to file a lawsuit against the debtor (borrower) to recover monies owed. If the creditor wins the suit a judgment will be entered against the debtor. The judgment can be executed according to state laws against any nonexempt property belonging to the debtor. The judgment holder should use caution when seizing property, as they can be penalized for incumbering exempted property of the debtor or possibly jointly owned property. The safe and expedient method of enforcing a judgment is by wage garnishment.
Which states are closed to California debt collectors?
None. A creditor can continue collection actions (including a lawsuit) against a debtor regardless of where the creditor is located or the debtor resides.
Can you file a lien on personal loans?
You can place a lien on a personal loan. You need to win a lawsuit that allows you to against the debtor.
How can you get out of a promissory note?
If you are the debtor you must pay the debt and have the lender sign a release.
What steps do you have to take in detail to file a judgment?
A lawsuit must be filed against the debtor/defendant in the court of jurisdiction. If the plaintiff wins the suit a judgment will then be entered against the defendant. Judgments can be executed against the property or wages of the debtor in accordance with the laws of the state in which the judgment is awarded.
Can a lawsuit settlement be taken after bankruptcy discharge?
If the debtor has a lawsuit for damages AGAINST a person, that lawsuit becomes part of the BK and the BK trustee would have the power to settle/go to trial and keep any judgment for distribution to creditors. If the debtor is being sued by ANOTHER person, it would have to be listed in the BK petition, and the cause of action would be discharged (unless it involves debts that are non-dischargeable)
How can you stop a judgment against you?
The only way to avoid having a judgment entered against you is to show up on the hearing date of the lawsuit with a valid defense. Please be advised, the only acceptable defense in a creditor vs. debtor lawsuit is the debtor/defendant bility to provide proof the debt is not valid. As unsympathetic as it seems, loss of employment, illness, not having the financial means to repay, is not considered a legal defense.
What is the consequence to the debtor if you are an unnamed creditor in a Chapter 7 and should be?
Any creditor not included in a bankruptcy discharge retains the right to continue attempting to collect a debt. That would include using legal remedy in the form of a lawsuit against the debtor.
What is a filed judgment?
It indicates the creditor plaintiff has won a lawsuit against the debtor defendent and a judgment has been entered in favor of the creditor. The creditor can enforce the judgment in accordance with the laws of the debtor's state of residency. The preferred method of executing a creditor judgment is wage garnishment, followed by bank account levy, a lien against real property owned by the debtor or the seizure and sale of nonexempt property owned by the debtor.
