Judgement from 2007

Assuming that this is a valid judgment, and judgment in Florida is valid for 20 years.  However, the interest rate is not still 11% -- for the last several years, the interest rate has been 4.75% on judgments.  The rate used to change annually, but now it can be changed every 3 months.  The interest should be calculated for each year based upon each year's legal interest rate.Before you pay anything, you should determine if you are "collectable."  Florida has a bunch of exemptions in its Constitution and Statutes, and I can only mention a few.  If you own a home that is your primary residence, that home is exempt from the claims of creditors (regardless of value, but depends on land size) other than mortgage, taxes and a few others.  Every person has a $1,000 personal property exemption, plus an additional $4,000 if you do not claim a homestead.  The personal property value is determined at "fair market" (i.e. garage sale/thrift store) values.  If you are a "head of family" (you pay more than 50% of the support for a child or other dependent, including a spouse and even if the child is over 18), then your wages are exempt from being garnished.  Wages in the bank continue to be exempt for 6 months.  See Fla. Stat. 222.11.  If you are married and your spouse is not on the judgment, then anything jointly owned by both of you may be exempt as "tenants by the entireties" if it meets six requirements.  (If you have an account from before you were married, close it and open a new joint account, and ask the bank to title it as a "Tenancy by the Entireties" account.  Mostly, the requirements are that the things must be jointly owned and acquired after the date of the marriage.)  Retirement accounts are probably exempt.Knowing this is a huge advantage for negotiations.  Many people in Florida are "judgment proof" because a judgment creditor cannot force payment due to the exemptions.  You WILL have to provide financial information if requested through the Courts with a Subpoena, or if you want to negotiate a deal, but you can explain that you are a head of family so your wages cannot be garnished (if that's true), that everything you own is joint with your spouse (if that's true) so it cannot be taken and your bank accounts can't be garnished.  Or you can say that everything you have (which could include money in the bank) is less than your $5,000 exemption (if that's true).  If the debt buyer law firm knows that you know your exemptions and they can't force you to pay, they may be more willing to compromise.   Be very careful if you sign any agreements, as some tricky collectors try to get folks to waive their protection against garnishment for a head of family.