Selling non-performing non-mortgage note?

[Michael Hayworth]

I own several businesses. I sold one of them for $400K a couple of years ago, took half down and seller-financed the rest. The buyer made payments for a few months, ran the business into the ground, and stopped paying. The buyer is a partner in another successful business, and does have income, but is refusing to use his other income to pay the debt.

Current debt is about $180,000 with interest as calculated if the note was performing; however, there are provisions in the note that it goes to maximum legal interest if it's in default, so with that plus late fees, it comes to more like $220,000.

I've had my attorney review the note. I can sue him and almost certainly win, but it takes time and effort. And honestly, while it's a big dollar amount, it's only a few months' worth of income for me. I'm in the middle of launching another venture, so my time seems better spent there than in court. Does anyone know if there are buyers who buy this kind of note and are set up to be able to collect on it? Obviously, I understand I'd be looking at selling at a steep discount.