Articles Posted in Asset Protection

A garnishment is a way of collecting money from a defendant by ordering a third party (usually an employer) to pay money, otherwise owed to the defendant, directly to the plaintiff. Florida is one of the few states in the country to allow an exemption from wage garnishment. In Florida, the wages of the “head of family,” meaning the person who provides greater than 50% support for a child or other dependent, may be exempt from garnishment altogether. However, the wages are subject to a waiver and a cap on the earnings that can be exempted.

Florida statutory law provides the exemption from wage garnishment to the head of family’s disposable earnings if they are less than or equal to $750 a week. Disposable earnings are the earnings of any head of family remaining after subtracting the amount the government withholds from those earnings. In addition, individuals that make over $750 a week also qualify to receive the exemption unless they have agreed to a waiver in writing. The agreement to waive the protection provided must:

1. Be written in the same language as the contract or agreement to which the waiver relates;

In the case of Robertson v. Deeb 16 So.3d 936 (FL. Dist. Ct. App. 2 DCA 2009) the court held that an inherited IRA does not have the same creditor protection that an individual’s IRA by concluding that F.S. 222.21(2)(a) “does not apply to inherited IRAs because the plain language of that section references only the original ‘fund or account’ and the tax consequences of inherited IRAs render them completely separate funds or accounts.”

If I do a Short Sale on my Florida Home am I responsible for anything else? Yes you can be responsible for the difference in what the home is sold for and the loan amount + additional fees and expenses. You must get the mortgage company to release your from this liability. Many will tell you that it is not possible, but it’s done all the time.

Before agreeing to a short sale in Florida, a loan modification, or a forbearance agreement, you should have the agreement reviewed by a Florida Foreclosure Lawyer or Jacksonville Foreclosure Lawyers to make sure you understand what you are agreeing to.

For more information on Jacksonville or Florida Foreclosure Defense See the Florida Foreclosure Defense Lawyers Blog.

If you live in Jacksonville or anywhere in Florida and are facing a Florida Foreclosure Lawsuit or facing the foreclosure on your home in the future there are somethings you should know.

In Florida a foreclosure process my proceed in the courts. This is because Florida requires a Judicial Foreclosure with court supervision. Once you fall 30 days behind on your payments the lender can file a foreclosure lawsuit against the owners and tenants of the home. Most foreclosures happen when you become at least 60-90 days late on your payments. When this happens the bank or servicing bank will not accept any more payments from you.

The first thing that happens is a foreclosure notice will be filed. You then have 20 days to file an answer to the lawsuit or some other document with the court. You can also file a motion asking for more time or a motion to dismiss. It is important not to ignore this notice as the bank can obtain a default judgment if you do not file a response. Under Florida Foreclosure law, you can still save your home before it is sold if you pay off the note. Most individuals do not have the ability to do this.