Legal Question in Credit and Debt Law in California

Re: do i need to pay interest

It sounds like the judgment creditor (ther person to whom you owe the money) is going to file a declaration for accrued interest after judgment. This is usually done by judgment creditors so that they can collect the amount of the original judgment, together with 10% simple interest per annum. The declaration is generally filed at the same time that the judgment creditor applies to the court for a writ of execution, which is the document that they will give to the "levying authority" in your area at the time they begin enforcement proceedings. These declarations generally do not result in a judgment being amended or altered. This type of declaration generally only allows the judgment creditor to collect statutory interest from that date of entry of judgment until the judgment is paid in full.

Enforcement proceedings can take the form of various acts, including wage garnishment, bank account levies, and what is known as a judgment debtor's examination (requiring you to appear and answer questions concerning your finances), among others.

If you want to pay the judgment, I would suggest that you simply conatact the creditor, or the attorney handling the lawsuit against you, to discuss payment arrangements. The judgment creditor should be happy to accept your payment, and must, within a specified period of time, provide you with what is known as an Acknowledgement of Satisfaction of Judgment, which must be filed with the court. Remember, however, that interest has accrued at the rate of 10% per annum since the date the judgment was entered, and the judgment creditor will most likely want the entire judgment, together with accrued interest.