Maximizing Your Financial Recovery Through Pre-Judgment Interest
When you’ve been injured and the bills are piling up, time is money. Making ends meet may be a daily struggle. Your personal injury case might be underway, but it could take months or even years to resolve. Why should the negligent party get to benefit from that delay?
Pre-judgment interest is a mechanism to compensate you for that delay. It awards you a favorable interest rate from the date of your demand through the entry of judgment against the negligent party.
However, there are many nuances to when and how you can collect pre-judgment interest. At The Mark Casto Law Firm, PC, I understand these nuances. I have had great success securing pre-judgment interest for my clients to get them the maximum financial recovery available to them.
Why Should You Care About Pre-Judgment Interest?
Pre-judgment interest is extra money in your pocket. It can substantially increase the amount you receive through a personal injury award.
Pursuing pre-judgment interest also puts pressure on the other parties – such as insurance companies – to resolve your case more quickly than they otherwise might. When they know that dragging their feet will result in having to make a bigger payout, they will be financially motivated to more readily agree to a fair and swift settlement.
How To Calculate Pre-Judgment Interest
Under Georgia law, the pre-judgment interest rate is the same as the Federal Reserve interest rate (also known as the federal prime rate) plus an additional three percent. The rate is calculated as of the 30th day after the defendant receives written notice of your demand for pre-judgment interest. Interest continues to accrue until the defendant receives written notice of the entry of judgment.
What Steps Are Necessary To Pursue Pre-Judgment Interest
Georgia law sets very specific requirements for collecting pre-judgment interest in any civil action, including personal injury cases. Missing any one of these steps can cost you your ability to collect interest.
Among those steps, you must:
- Notify the defendant in writing of your demand for pre-judgment interest
- Specify the amount of compensation you’re demanding
- Adhere to specific requirements set out in the statute
If the defendant doesn’t agree to pay you the amount you demanded plus interest, and you obtain a judgment against them at trial for at least the amount you demanded, you can collect interest as part of your monetary award.
Rely On My Skill And Experience
I’m committed to putting every penny in your pocket that you deserve, including pre-judgment interest. I will work tirelessly to get that for you. You can rely on my 25-plus years of award-winning legal experience and my commitment to coming through for you when it matters most.