Connecticut Senate Bill SB01121

Connecticut 2013 Regular Session

• Introduced: 3/12/13
• Refer: 3/12/13

Caption

An Act Concerning Postjudgment Interest.

Impact

The legislation aims to modify Section 52-356d of the general statutes, suggesting that installment payment orders must be fair and consider the financial situation of the debtor. Importantly, it introduces mechanisms to stay property execution on judgments resulting from hospital services when debtors comply with installment orders. This provision alleviates the financial burden on individuals who may struggle to pay lump sum judgments, reflecting a compassionate approach to debt recovery.

Summary

SB01121, titled 'An Act Concerning Postjudgment Interest', seeks to amend existing statutory provisions concerning the enforcement of judgments against individuals. Specifically, the bill outlines how courts can structure installment payments for judgments, particularly in cases where the judgment debtor is a consumer facing financial hardships. The intention behind the bill is to facilitate a more manageable repayment process while ensuring that creditors can still recover debts in a fair manner.

Contention

One notable point of contention regarding SB01121 is the balance struck between protecting consumers and ensuring creditor rights. Supporters of the bill argue that providing a structured and flexible payment plan will prevent the financial devastation that can occur due to large lump sum payments. However, critics may argue that such measures could potentially hinder creditors’ ability to recover their debts in a timely manner, raising concerns regarding the implications for businesses or entities that rely on timely payments.

Overall_context

This bill is part of a broader dialogue surrounding consumer debt management and the roles of judicial discretion in enforcing financial judgments. The proposed changes reflect an evolving understanding of financial stress among consumers, particularly in healthcare-related debts, and an effort to provide a more humane judicial approach to money judgments.