How do I calculate the amount of interest owed on a small claims court judgment?

In West Virginia, interest is calculated on small claims court judgments at the rate set by the Small Claims Court. This rate, which is determined by the West Virginia Legislature, is set at the same rate as the legal rate of interest established by the Uniform Commercial Code. The rate may fluctuate from year to year and is currently 8%. To calculate the amount of interest owed, you must first find out the amount of the judgment and the date it was filed. Then you will need to find the current legal rate of interest, as listed above. Multiply the judgment amount by the interest rate, and then divide the result by the number of days in the specified period. The result is the amount of interest you are owed. For example, if you received a judgment in the amount of $1000 and the judgment was filed on April 1st of this year, the amount of interest owed would be calculated as follows: $1000 x 8% = $80, divided by 365 days in a year = $0.22 per day. The total interest owed would then be $80, plus $0.22 for each day since the judgment was filed. It is important to note that interest will only apply if you have received a judgment in your favor. If you have lost your case, there will be no interest owed.

Related FAQs

Can I countersue the other party in a small claims court case?
What happens if a judgment is not paid in small claims court?
Can I take depositions in a small claims court case?
How do I serve the other party with notice of my small claims court case?
How does the evidence presented in a small claims court hearing differ from that presented in other courts?
What is the difference between mediation and arbitration in small claims court?
How do I write an answer to a summons in a small claims court case?
What happens if I am unable to pay a small claims court judgment?
What evidence do I need to present in small claims court?
Can I request a trial by written declaration in small claims court?

How do I calculate the amount of interest owed on a small claims court judgment?

Related FAQs

Related Blog Posts