Legal Question in Credit and Debt Law in Georgia
I was given a civil judgment on Aug 5, 2009, for 6,000.00 in unpaid child support. I place a lien on my ex's property. He is now in the process of selling and I have been contacted by the mortgage attorneys for amount of payment plus interest. I cannot find how much interest to charge. Can anyone please tell me this percentage. I live in the state of Georgia. Thank you in advance for your help.
2 Answers from Attorneys
Judgments bear interest at the legal rate; its 7%. See
� 7-4-2(a)(1)(A). Legal rate of interest; maximum rate of interest generally (providing that the legal rate of interest shall be 7 percent per annum simple interest where the rate percent is not established by written contract).
See also � 7-4-12. Interest on judgments
(a) All judgments in this state shall bear annual interest upon the principal amount recovered at a rate equal to the prime rate as published by the Board of Governors of the Federal Reserve System, as published in statistical release H. 15 or any publication that may supersede it, on the day the judgment is entered plus 3 percent.
(b) If the judgment is rendered on a written contract or obligation providing for interest at a specified rate, the judgment shall bear interest at the rate specified in the contract or obligation.
(c) The postjudgment interest provided for in this Code section shall apply automatically to all judgments in this state and the interest shall be collectable as a part of each judgment whether or not the judgment specifically reflects the entitlement to postjudgment interest.
(d) This Code section shall apply to all civil actions filed on or after July 1, 2003.
Judgments bear interest at the legal rate; its 7%. See
� 7-4-2(a)(1)(A). Legal rate of interest; maximum rate of interest generally (providing that the legal rate of interest shall be 7 percent per annum simple interest where the rate percent is not established by written contract).
See also � 7-4-12. Interest on judgments
(a) All judgments in this state shall bear annual interest upon the principal amount recovered at a rate equal to the prime rate as published by the Board of Governors of the Federal Reserve System, as published in statistical release H. 15 or any publication that may supersede it, on the day the judgment is entered plus 3 percent.
(b) If the judgment is rendered on a written contract or obligation providing for interest at a specified rate, the judgment shall bear interest at the rate specified in the contract or obligation.
(c) The postjudgment interest provided for in this Code section shall apply automatically to all judgments in this state and the interest shall be collectable as a part of each judgment whether or not the judgment specifically reflects the entitlement to postjudgment interest.
(d) This Code section shall apply to all civil actions filed on or after July 1, 2003.
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