Legal Question in Credit and Debt Law in Michigan

calculating interest on a small claims judgment

When you have a legal judgment awarded and it is 3 years old how do you calculate the interest when interest rates on money judgment change ever 6 months for example a judgment awarded in may 2005 and you need the interest for this judgment in 2008 Do you take the interest rate at the time of the judgment and use it for the whole 3 years or do you change it every 6 months as the interest rate states for that six months. Thank you for your help


Asked on 5/02/08, 10:01 pm

1 Answer from Attorneys
Stuart Collis Collis, Griffor & Hendra, PC

Re: calculating interest on a small claims judgment

When you choose to not use an attorney, you fall into these sorts of problems. The interest rate changes every six months.

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Answered on 5/02/08, 10:12 pm


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