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interest after judgement?

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H

hndtwd

Guest
I live in Massachusetts and had a judgement rendered against me in court and the people I owe the money to are charging me interest still for the unpaid balance. Can they legally do this or do I just owe what the court ordered me to pay?
 


I AM ALWAYS LIABLE

Senior Member
hndtwd said:
I live in Massachusetts and had a judgement rendered against me in court and the people I owe the money to are charging me interest still for the unpaid balance. Can they legally do this or do I just owe what the court ordered me to pay?
My response:

Judgments are always subject to interest, by statute. Otherwise, people would have no impetus to pay their judgment debts. The interest keeps mounting the longer the judgment, or any portion of the judgment, remains unpaid.

IAAL
 
T

TimC

Guest
If you just pay the judgement immediately then I don't think that the interest will be a concern.

When I worked in payroll many years ago, I had to process wage garnishments from time to time, and those garnishment amounts included interest. I do not know who determines the interest rate, however. I believe that collection costs were also a part of the total.

To put it mildly, it will never be cheaper to pay off this debt than right now.
 

JETX

Senior Member
According to my research, Massachusetts allows 12% post judgment interest. This interest accrues daily from the date of the judgment award to the date of payment.

In most states, post-judgment interest is simple, not compounded. The formula for calculating the interest is:
Judgment (including atty fees and costs) X .12 equals annual interest. Then divide by 365 for daily interest, then multiply times the number of days.

Example: Judgment is $1200, attorney fees are $600, costs are $150.00, days since judgment is 476.

(1200+600+150) X .12 / 365 x 476 = $305.16 interest

As you can see, the longer it takes to pay the judgment in full, the more it will cost you.
 

I AM ALWAYS LIABLE

Senior Member
Halket said:
According to my research, Massachusetts allows 12% post judgment interest. This interest accrues daily from the date of the judgment award to the date of payment.

In most states, post-judgment interest is simple, not compounded. The formula for calculating the interest is:
Judgment (including atty fees and costs) X .12 equals annual interest. Then divide by 365 for daily interest, then multiply times the number of days.

Example: Judgment is $1200, attorney fees are $600, costs are $150.00, days since judgment is 476.

(1200+600+150) X .12 / 365 x 476 = $305.16 interest

As you can see, the longer it takes to pay the judgment in full, the more it will cost you.

My response:

It is such a "turn-on" when someone does the math. I get goosebumps all over my body !!

Einstein
 
D

David J. Miller

Guest
2 + 2 = 4
1 + 1 = 2
5 - 4 = 1

Haaaah? Do you like that? Should I keep going?

1 * 2 = 2
5 + 4 = 9

OOOh yaaah... Are yah feelen it??? Let's try some division

10 / 2 = 5
20 / 2 = 10
15 / 3 = 5

Oh Oh Oh YES YES YES...
 
D

David J. Miller

Guest
When handy wipes are out of reach I find that a sock will do the trick nicely.

I better not get into algebra or trig. I'd hate to see you self combust.

Heeheehee
 

Vargalaw

Junior Member
Interest

Note that it is post-JUDGMENT interest, so you can only apply the interest to the judgment amount, not costs or attorney fees.
 

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