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Dwayne B.
Dwayne B., Attorney
Category: Legal
Satisfied Customers: 33405
Experience:  Began practicing law in 1992
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The person to whom I sold my business has paid all but the

Customer Question

The person to whom I sold my business has paid all but the last two payments of the Promissory Note. (Both parties are in Palm Beach County)
What is the first step to take to recover the final two payments. I want to employ a legal, businesslike method before this gets out of hand.
Submitted: 1 year ago.
Category: Legal
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts.

The first step would be to get a local lawyer to send them a demand letter and, depending on exactly how the contract was written, some form of a notice of acceleration or at least a threat to do a notice of acceleration.

The reason you have a local lawyer send a letter is that if you have to sue then the demand letter will allow you to recover your attorney's fees without a lot of controversy over them. In addition, most lawyers will require that you allow them to send a demand letter before they actually file a lawsuit so by using one to send it now you shorten the process.

If the other side doesn't pay then all you can do is file a lawsuit to declare the contract void and take back the business or file the get a judgment against them for the last two payments plus attorney's fees and interest.