I have a promissary note for monthly payments, If I have not recieved any payments what can I do.

Does the promissory note have a default clause? If so, you can ask the Court to assist in enforcing the default provision. Was there any collateral involved? At this point if there is collateral and they have not made due on the note you may be entitled to possession. There are a number of things to consider in this matter and it may be worth your time to contact an attorney. I practice small business and contract law and could be of assistance. Feel free to contact me for a free initial consultation and at a minimum I could at least provide some guidance on next steps. Email me to set up an appointment at [email protected]

The following should not be taken as legal advice, but simply as information based on general principles of law which is intended to educate. If you need legal advice, you should consult a lawyer. With any written agreement the first step is to review the agreement and see if the documents set out any specific action to be taken in the event of nonpayment. Then with a signed agreement and promissory note there are several steps that could be taken seeking to obtain payment. Action could range from a demand letter to filing a court case seeking to have the court enforce the obligation. Depending on the facts of the case a lawsuit might be a quicker process or a slower one. If you obtain a judgment then you have to collect which can present some difficult challenges. What course of action you might want to take may be guided by the amount at issue, the terms of the agreement, the solvency of the debtor, among other facts that might be specific to your case.

You can file a lawsuit; depending upon the amount of money involved you may want to retain counsel. Keep in mind that even if you win the case, the other party may not pay voluntarily and so you will need to continue to resort to the court procedures to endforce your judgment. Good luck. The author of this post is licensed to practice law in the District of Columbia, Maryland, and Virginia. This post is intended as general information only, and is not provided as legal advice in connection with any specific case, and does not create an attorney-client relationship.