Q: Warrant in Debt for a tenant; judgement 9/2/15 Wants to settle. Do we go to Clerk of Court or how do I proceed?
Contacted me yesterday. I want to make sure I do everything right!
Do we go to Clerk of Court to exchange money, does she bring $ to me then I contact courts its settled?
5 years have passed so its over $20k with the 6% interest. Can bankruptcy be filed to get out of it? But she's trying to buy house, so that's why she contacted me to "settle". I want my money but considering s-o-m-e giving on my part to get the $14K that was originially owed.
A: At anytime in the process, the parties to the dispute can settle the dispute/judgment by one paying the other an amount of money that is agreed upon. A simple written and signed settlement agreement should be made part of the settlement to memorialized the agreement. After the funds have cleared the banking system, the judgment creditor must file certain documents with the court where the judgment was entered. It is best that you contact the clerk's office where the judgement was entered to get the correct form to prepare and file with the Court.
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A: Yes, she can file bankruptcy to discharge the debt.
All you really need to do is 1) agree on an amount 2) get that amount and give tenant a receipt, 3) within 30 days advise the court that the judgment has been satisfied. It's an easy form and the clerk will help you with it.
As to interest - $14,000 at 6% from 9/2/2015 does NOT make it over $20,000. It looks as if you compounded the interest which you cannot do. (I calculate the interest at just under $4000).
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