How do I collect on a personal loan?
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How do I collect on a personal loan?
Asked on January 4, 2013 under Bankruptcy Law, Texas
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You can sue the debtor for breach of contract / account stated. Your damages (the amount of compensation you are seeking in your lawsuit) would be the principal (amount of the loan) plus interest plus court costs. Court costs would include the court filing fee and process server fee. After you obtain a judgment against the debtor, you can enforce the judgment with a wage garnishment. Another alternative for enforcing the judgment would be to place a lien on the debtor's property.
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