heren95608

Collecting a Judgment

7 posts in this topic

I have a judgment from the California Superior Court. I agreed to let the other party, a business, make monthly payments that are due on the first of the month. Except for the first payment all the other payments have been 7 to 15 days late. Can I collect interest and penalties on the late payments?

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You are entitled to the judgment rate of interest until paid in full. The last time I checked it was 10% simple interest.

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Statutory interest is 10% per annum, or 0.083% of the unpaid balance owed without the prior accrued interest.  It is not compounded interest, so, if they originally owed $500 and didn't pay anything, at the end of 12 months, they'd owe you $4.61 in interest.   

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8 minutes ago, doucar said:

Check your math, after 12 months they would owe $50.00 give or take a few cents.

Been a long day...I was thinking per month and then I transposed the numbers.  It's $4.16 per month

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15 hours ago, heren95608 said:

Can I collect interest and penalties on the late payments?

 

I have no idea what you might mean by "penalties," but interest accrues on judgments in California at the rate of 10% per annum.

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16 hours ago, heren95608 said:

I have a judgment from the California Superior Court. I agreed to let the other party, a business, make monthly payments that are due on the first of the month. Except for the first payment all the other payments have been 7 to 15 days late. Can I collect interest and penalties on the late payments?

 

You might look into the possibility of a "till tap." The following is from a CA court's website.
 

Quote

 


If the judgment debtor owns a business that has a cash register, you may arrange for a Deputy Sheriff to go to the business and do either a Till Tap or a Keeper's Levy.

  • A Till Tap sends a Deputy Sheriff into the business to take all cash and checks out of the cash register.
  • A Keeper's Levy stations the Deputy Sheriff at the business for 4 or 8 hours to collect money as it is paid to the business.

The Sheriff's Department charges a fee to serve the Writ of Execution. Remember that the judgment debtor may close his or her business for the day and the Deputy Sheriff would be unable to collect any money. 

Certain money is exempt from levy, such as child support payments. If the judgment debtor files a Claim of Exemption from the levy, you will be notified and will have an opportunity to oppose any claim of exemption.

 

 

There may also be a way of intercepting accounts receivable from customers with open accounts.

 

These processes can be very expensive.

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