Law Asked by SBB on November 28, 2020
I am in the process of filing for a wage garnishment again a previous employer and one of the forms as asking me to supply the interest rate that the outstanding balance will be increased by if not paid.
I have a judgement against them that lists the total amount but nothing that mentions the rate if there were to be no payment.
The official text is as follows:
Is there some type of public standard rate out there that would be used in the event it is not explicitly mentioned?
Edit: I found this website : http://www.azd.uscourts.gov/efiling/post-judgment-interest-rates
It appears that I find the date that comes right after the judgement issue date and that is the interest rate? In this case it looks to be 2.34% per year?
If the judgement was entered in a state court, the post-judgment interest rate is usually set in a state statute. Each state has its own such statute, it isn't a function of federal law in state court cases, or in federal court cases in which diversity jurisdiction is the basis for the court being able to consider the case, or in which the interest rate is set by a contract between the parties.
You seem to have located the rule that governs post-judgment interest for federal court judgments in non-diversity jurisdiction (e.g. federal question) case where there is not contractual interest rate that applies.
Usually, the judgment entered by the court would set forth the post-judgment interest rate that applies on its face.
Answered by ohwilleke on November 28, 2020
Is there some type of public standard rate out there that would be used in the event it is not explicitly mentioned?
Yes. The relevant jurisdiction sets and publishes this rate, it’s called the “post-judgement rate” or similar - you will need to find it.
Answered by Dale M on November 28, 2020
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