QUESTION
If another company sues my company and wins, will the courts require payment immediately, or allow the company to pay off the debt over time?
Asked on Nov 08th, 2011 on Business Law - Arizona
More details to this question:
We are in the state of Arizona, and have been threatened with a lawsuit worth between $20000-$24000. We are not denying the debt and have been working diligently to try to come up with an agreement with the individuals that we owe the money to. They are not willing to allow us to pay the debt over 90 days, and are threatning with a lawsuit. If they win the lawsuit (which they will), will the courts grant us the opportunity to pay off the debt over a set amount of time, or will they require us to pay the fine immediately?
1 ANSWER
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Generally speaking, a judgment is payable in a lump sum. The payment is not due until the appeal period has run. The judgment debtor generally does not have the option to pay in installments, although, as a practical matter, the creditor may have no choice but to accept installment payments,
Answered on Nov 09th, 2011 at 4:23 PM