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New Jersey Promissory Note Attorney Provides Strong Advocacy in Simple Promissory Note Litigation

Fighting for your contractual rights

Simple Promissory Note LitigationAt Snellings Law LLC, we have represented numerous banks and other types of lending institutions across the country in litigating simple promissory notes in New Jersey. A simple promissory note attorney will thoroughly review your loan documents and help you understand how our state’s law applies to them. In addition, we help develop the best strategy for pursuing the collection of your loan and take action to implement this plan.

What is a simple promissory note?

A simple promissory note is a legal document that evidences a loan. The individual or entity executing the note is promising to repay the debt to the lender. The terms of the promissory note include:

  • Parties to the contract
  • Date of the contract
  • Principal amount of the loan
  • Interest rate
  • Terms of repayment (including interest)
  • Maturity date
  • What constitutes default
  • Consequences of default

A promissory note is not the same as a loan agreement. The loan agreement is a legally distinct document more comprehensive than the promissory note. The loan agreement contains all of the terms and conditions of the loan contract.

How can we enforce a simple promissory note?

Each promissory note is unique. Moreover, many provide certain procedures you must follow in enforcing the terms of the contract. In general, however, the first step to enforcing the note is to send a demand letter to the borrower. If no response to the demand is received, a collections lawyer can subsequently file a complaint with the court. Depending on the amount owed, a lawsuit may be filed in the Special Civil Part or Law Division. The civil action is handled in court until a settlement or judgment is awarded.

How can I collect on a simple promissory note?

A judgment is only a piece of paper until you take action to enforce it. We have extensive experience enforcing judgments. Common enforcement tools we use include:

  • Information subpoena. A creditor may request an information subpoena, which provides a set of written questions that can help you obtain information about the debtor’s assets and income.
  • Wage execution or garnishment. A wage execution is an order directing the debtor’s employer to deduct a set amount from the debtor’s paycheck until you receive payment in full.
  • Bank levy. A bank levy allows a creditor to freeze the funds in a debtor’s bank account to pay the judgment amount.
  • Seizure of assets. We can apply to the court for an order to allow the sheriff to enter the debtor’s property, seize specific assets and sell them at a public sale to satisfy your judgment.
  • Judgment liens against real estate. A lien against the judgment-debtor’s real estate is created by docketing, and it is enforced by levy and execution.

Contact an experienced New Jersey collection attorney to enforce your promissory note

Snellings Law LLC is aggressive and zealous in pursuing and enforcing promissory notes. Let us review your note and develop a strategy for collecting the money owed to you. You can reach us by calling 973.265.6100 or online. For your convenience, we provide convenient parking, and our office is accessible by public transportation. We also offer flexible hours by appointment.