Someone owes me close to $5,500. Can I prepare a contract establishing his acknowledgement of this debt and have it signed by the person so that he will comply with the stipulations in the contract and repay the debt in full within 180 days. Is there anything that I shouldn't mention in the agreement? Can I use that contract to sue him if he fails to pay off the amount within the deadline?

1 Answers
5 votes
Vote up!
Vote down!

What you’re trying to say is a promissory note. A written agreement/contract always makes it unproblematic on your end to collect the owed amount. If he breaches the contract’s terms and conditions, you can at any time take him to court. You can even sue him in Small Claims court yourself without any attorney for the outstanding balance.

Ask Question

Waterfall approach to debt free ™

Legal debt relief methodology that works based on your financial conditions. Learn more »

Last Updated on: Fri, 8 Jun 2018

BBB-A--Rating TrustLink logo TrustLink logo