The judgment is final decision made by the judge or jury that reflects how much the party who lost the lawsuit (the judgment debtor) owes the party who won the lawsuit (the judgment creditor)—including the rate of interest owed on the amount of the judgment until it is paid, the amount of court costs, and possibly the amount of the judgment creditor’s attorney fees the judgment debtor must pay as part of the judgment.
In New York, a judgment is the final decision made by a judge or jury at the conclusion of a lawsuit. It specifies the amount of money that the losing party, known as the judgment debtor, must pay to the winning party, or judgment creditor. The judgment will include the principal amount owed, along with any interest that accrues on that amount until it is paid. The rate of interest is set by New York State law, which is currently 9% per annum unless a different rate is specified in the contract or statute under which the claim arose. Additionally, the judgment may include court costs and, in some cases, attorney fees if the governing statute or contract allows for such recovery. Once entered, the judgment creditor has various enforcement options to collect the debt, such as wage garnishment, bank account levies, or placing liens on property.