I have been owed $30,000 for the past 9 years. I was a co owner of a property, and my partner sold the property. I was awarded a judgement for half the money at 9% interest. Do I get a compounded
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
I have been owed $30,000 for the past 9 years. I was a co owner of a property, and my partner sold the property. I was awarded a judgement for half the money at 9% interest. Do I get a compounded
I have been owed $30,000 for the past 9 years. I was a co owner of a property, and my partner sold the property. I was awarded a judgement for half the money at 9% interest. Do I get a compounded interest yearly, or do I only get an interest on the principal 9 times for the past 9 years?
Asked on August 31, 2012 under Bankruptcy Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I suggest that you consult with a debt collection attorney about the possibility of renewing your judgment in that under the laws of most states in this country a judgment is good for only ten (10) years otherwise it expires if not renewed.
You do not get compound interest on your judgment. The only time you would get compound interest is if you renewed your judgment and folded in the costs and accrued interest into the principle balance to get a new amount running from the date of the renewal.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.