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Richard, Attorney
Category: Business Law
Satisfied Customers: 55608
Experience:  32 years of experience practicing law and a businessman.
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How do I collect on a promisory note loaned to a business of

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How do I collect on a promisory note loaned to a business of which is a sub chapter S corporation?

Good evening. Because you have a note, you need not prove up the underlying debt, you need only show the note has not been paid. Since they will not pay you voluntarily, you will need to file a suit against the borrower, including the amount of any court costs and legal fees. Then, when you get awarded a judgment in your favor, you can then have the sheriff serve a summons on them for a debtor examination. That forces them to meet you in court and answer questions under oath about their assets. After you obtain that information you have the power to attach bank accounts, and/or have the sheriff seize other property to satisfy the debt.



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Customer: replied 5 years ago.
What would be my approximate cost out of pocket to do this for a $50,000.00 note. I may already have a judgement against the business. All I know letters were sent to the business owners and nothing has transpired as of yet. What would have been recorded at the courthouse?

This is not a complicated suit....your legal fees start to finish shouldn't be more than $2,000. You would have had to have sued them to have a judgment against them.

Richard and other Business Law Specialists are ready to help you
Customer: replied 5 years ago.
In reference to this same question, do I need an attorney to file a suit against the borrower or is there a way I can do this myself?
How much is involved? And, where in PA?
Customer: replied 5 years ago.
$50,000.00 and in Greensburg, PA.
Thanks. You could represent yourself, but because the amount is in excess of the maximum amount eligible for small claims, it is a bit more difficult. If you are going to attempt to do so, I would suggest you get some direction by going to your nearest law school. Most of them have legal clinics
that are run by law students and supervised by law professors that will take
cases such as yours on a pro-bono basis to help the students, who are
idealistic, energetic, and very bright, get experience while under the watchful
tutelage of their law professors.
Richard and other Business Law Specialists are ready to help you
Customer: replied 5 years ago.

I am having a hard time trying to find an attorney to do this. The one I thought was able to now says he has only done this once and needed to research this and get back to me, that has been almost one year now. What do you suggest?

I would suggest trying to get help from your local law school and then filing this yourself.