Q: hello! If there is a judgment who decides how to calculate the interest and what the amount is?
We have a judgment against us from an “old friend” who sued us and the case went all the way to trial in October of 2017. The judgment wasn’t filed until may 2019 and was never served upon us. Then the person said she wasn’t going to try to get the money anymore. We wanted to refinance and found out there was still a judgment and now she says she wants all the miney(which we are willing to pay). But she wants interest for four years. Who decides how much the interest is? And what the real amount is? Can she just add on whatever she feels like and we have to pay it? Thank you
A: Hi, Liz. The interest rate may be specified in the judgment. If not, most states have statutes that specify rates for pre-judgment and post-judgement interest. If this is a New York state court judgment, that rate is generally 9% simple interest. As always, there could be additional facts that could change things, so I would encourage you to consult with an attorney who could fully explore your set of facts.
Tim Akpinar agrees with this answer
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