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

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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

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 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.


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