Ah Florida…the sun…the palm trees…the ocean…the debtors!!!!!!
Florida has garnered somewhat of a reputation for being a debtor haven. Yes, it is true there are many Florida statutes which provide debtors protection from creditors. However, there are options you have, as a judgment creditor, to strike back.
There are two things you can do to greatly increase your odds at recovering your money and satisfying your judgment.
- Educate yourself on the most commonly used tactics by debtors.
- Employ the services of a good team to help you navigate your options and strike back with legal action.
All states provide debtors certain exemptions and protections. These exemptions vary state to state and are governed by public policy. Florida is a state with its fair share of statutes protecting debtors from creditor claims. Some of the most commonly used exemptions and protections are:
- Homestead Exemption
- Homestead property is exempt from forced sale and seizure for the purpose of debt/judgment satisfaction if the debt does not involve contracts for the purchase of the home, home improvement or repair debt, or debt incurred through taxes and/or assessments. Generally, a homestead is defined as a homeowner’s primary residence. (Florida Constitution Art X Sec 4 (a)(b))
- Head of Family Exemption
- If a person provides more than one-half of the support for a child or other dependent and has disposable earnings equal to or less than $750 per week, that person is considered ‘head of family’ and exempt from wage garnishment or attachment. If that same individual has disposable earnings more than $750 per week, that person must sign a waiver in order for his/her wages to be garnished or attached. (Florida Statute 222.11)
- Tenancy by the Entireties (aka Tenancy by the Entirety or Estate by Entirety)
- A form of joint ownership of property by a married couple that is protected from creditors if a judgment is obtained against only one spouse. Florida does not yet recognize same-sex marriages, so those couples are not protected by Tenancy by the Entireties.
- Life Insurance and Annuities Exemption
- In accordance with Florida Statute 222.14, the cash surrender values of life insurance policies and the proceeds of annuity contracts issued to a citizen or resident of the state are exempt from garnishment and legal process.
- IRA accounts are also protected under Florida law
As a judgment creditor, it is important to know the options available to the debtor; but even more important, is knowing YOUR options, allowing you to stay on the offense and protect your rights as the creditor. Florida can be a tricky place for a judgment creditor, usually requiring a professional team to help navigate the legal process and find ways around the multitude of protections and exemptions debtors are afforded here.
Every situation is different. Contact us to discuss how our team can help you pursue the judgment enforcement path that is right for you. Our team of attorneys and judgment recovery specialists is highly experienced and specialized in judgment recovery in the state of Florida. You have options. Contact us at (877) 879-9880 or complete the contact form on our website.
Disclaimer: The information, opinions and materials contained in this blog are provided for general informational purposes only and are not intended to be legal advice. Being general in nature, the information, opinions and materials contained in this blog may not apply to any specific factual and/or legal set of circumstances. No attorney-client relationship is formed nor should any such relationship be implied. The information, opinions and materials contained in this blog are not intended to substitute or refute legal advice given by a licensed attorney. You should not act upon information, opinions or materials contained in this blog without seeking advice from a licensed attorney in your own state or jurisdiction. Laws change frequently and vary in different locations. If you require legal advice, please consult with a licensed professional attorney in your state or jurisdiction.
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