Can I file a motion to the court to lower my interest rate on a sheriff lien?

UPDATED: Jan 11, 2012

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Can I file a motion to the court to lower my interest rate on a sheriff lien?

If not can I file bankruptcy without my spouse and keep our home together?

Asked on January 11, 2012 under Bankruptcy Law, New York


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If there is a judgment against you (sheriff lien), under statutes of most states the yearly interest rate on it is 10% per annum. A motion to change the interest rate on the judgment will not be successful in that the court is required to follow the law as to the rate on interest on the judgment that is accruing.

You might contact the judgment creditor and see if he or she will agree to take monthly installments on what is owed and to agree that the interest on the judgment would be at a lower rate. if agreed to, make sure it is set forth in a written document.

Possibly you can file your own bankruptcy without involving your spouse and would be able to keep your home. I suggest that you consult with a bankruptcy attorney about the issues you have raised as to a possible bankruptcy filing.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption