How do I get money back for a personal loan with promissory note written and signed?

About 1 yer ago, I lent money to a good friend for emergency use. The amount is way above the small claims court limit and is significant. He signed a promissory note to pay me monthly but no payment has been made for the whole year. I have tried asking him for update and he just gave me a BS reason and delayed payment; the result is there is no payment at all. What can I do to collect the loan back? I have asked the bank to reverse the wire but only if my friend approves it. I have run out of options now and most likely have to settle it by legally.

Asked on December 15, 2011 under Bankruptcy Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You can sue--that's what you can do. It's also the only way to get your money in this case. A promissory note is enforceable; if the borrow does not repay according to its terms, the lender may sue to enforce the note and get his/her money. For an amount "way above the small claims court limit," you would be well advised to retain an attorney to bring the law suit for you. Good luck.


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