I'm owed over $10,000, my ex is holding this money over my head and has not paid me in almost a year. I am now in collections for several credit cards I had to use for a lawyer. If I had been paid what was owed, I could have avoided collections and paid them off. But now my credit terrible. Our judge asked me to file a motion and I want to ask for interest on the money owed. What is a typical or appropriate percentage to ask for?
The rate of interest will be 8% pursuant to statute unless there is an agreement or Order that states a different amount. C.R.S. § 5-12-101. If the money owed is for child support, then the interest rate is 12% ("four percent greater than the statutory rate found at C.R.S. § 5-12-101). See C.R.S. § 14-14-106.
The general information provided is intended to be a starting point only by describing general aspects of the law. It is highly important and advisable that you consult with a Colorado family law attorney concerning your specific legal rights and obligations. No attorney-client relationship exists, or is in any way created by reading, accessing or using the information.
Mr. Sauer is correct. The answer depends on what the owed money is for. If it is child support, the department of Child Support Enforcement might be able to help you. Good luck to you.
To add to the information provided by my colleagues, the 12% annual interest on child support is compounded monthly, but the 8% interest on other debt is compounded annually.
www.karlgeil.com. This answer is provided as general information about a legal issue, is not legal advice specific to a particular case, and does not create a lawyer-client relationship with the person asking the question.
There is also another option here. Private attorneys can collect past due child support on a contingent or percentage basis. The attorney does not get paid unless they collect. Not many attorneys do this, but some do. Here is a blog about it. https://www.divorce-matters.com/blog/what-can-i-do-about-my-past-due-child-support-part-iii-of-iii You can do it your self, get help from child support enforce or try to find an attorney who will on a percentage fee. Good luck.
Answering this quetion does not establish an attorney client relation. The answer is for educational purposes only. You should consult an attorney for your circumstances.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline