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Personal loan and signed Note

I loaned and had signed a promissory note with payments until 2011 from someone who just filed bankrupty. I know I loose the arrears that I have a judgement on, but what about future payments Can I not garnishment his wages to get future payments.

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One Response to “Personal loan and signed Note”

Barton Goth GCO Bankruptcy Trustees said...

Unless you have taken security on any of the debtor’s assets, from what you have described this is likely a claim that will be cleared by a bankruptcy (the full amount, not just the arrears).

In line with this there is a stay of proceeding that is in place as soon as someone files a bankrutpcy that prevents any type of collection attempt. So at this point you will likely need to file a proof of claim with the trustee in question to preserve any of your rights to potential dividends.