If I won a small claims judgment and it has an amount and a post-judgment interest rate of 12%, does this mean I am entitled to interest?
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If I won a small claims judgment and it has an amount and a post-judgment interest rate of 12%, does this mean I am entitled to interest?
How is the interest computed when the defendant has been ordered to pay $75 per month until satisfied?
Asked on April 13, 2012 under Bankruptcy Law, Washington
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of all states in this country, interest accrues on an unpaid judgment atr a certain rate of interest until paid in full running from the date of the judgment. In your case, you get 12 % per annum on your judgment from the date it was entered until paid in full.
Assuming the judgment debtor complies with the court order of paying $75 per month on the judgment that you have against him or her, you need to get an amortization chart of what the accrued interest would be on the $75 per month payment if timely made with respect to the judgment as a whole. You need to remember that the vast bulk of the initial payments on a monthly basis will be the accrued interest on the judgment with the other part principle initially.
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