ContractsCounsel Logo

Legal Questions and Answers

Get free proposals from vetted lawyers in our marketplace.

No upfront payment required. Pay only if you hire.
Home Q&A Forum Promissory note termination options?


Promissory Note


Asked on Jun 11, 2023

Promissory note termination options?

I recently signed a promissory note with a lender for a loan. I am now concerned that I may not be able to make the payments and am looking for options to terminate the promissory note if necessary. I need to know what my options are, as well as any potential consequences, regarding terminating the promissory note.

1 Attorney answer




Answered 383 days ago

Thomas L.

ContractsCounsel verified

Business Lawyer
Licensed in Connecticut
Free Consultation

Contact the lender and request a resolution of your loan, that is, some terminating reduction. The lender is under no duty to assist you, and can sue you for the unpaid balance, get a judgment and then seize your property (bank accounts, cars, etc) to get the note repaid.

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.
Meet some lawyers on our platform

Zachary J.

387 projects on CC
CC verified
View Profile

Brian S.

16 projects on CC
CC verified
View Profile

Umar F.

3 projects on CC
CC verified
View Profile

Damien B.

19 projects on CC
CC verified
View Profile

Find lawyers and attorneys by city