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 8 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.


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