If I have no assets in my name (our real estate was quitclaimed to a revocable living trust several years ago), and a lending institution gets a judgement against me, can they collect on the judgement.
HiCustomer Thank you for asking your question on Just Answer. The other Experts and I are working on your answer. By the way, it would help us to know:What state are you in?Thank you again for trusting us with your problem. Please reply as soon as possible so that we can finish answering your question.
Reply to Law Girl's Post: I'm in Florida
Thank you for your question.
If the property is properly placed in a living trust, of which you are not the beneficiary, then the creditor will probably be unable to attach to the home. However, the credit may be able to attach to your bank account and/or garnish your Wages, (provided you are not the "head of household" for Taxes) in order to collect on the judgment. Additionally, a judgment stays valid for a number of years (up to 20 years) so they will be able to pursue collection until the judgment is paid.
Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.
I am an attorney.
If I am head of the household on tax returns, then my wages should be out of reach for Garnishment?
Yes. Florida Statutes §222.11 offers a significant exemption to wage garnishment known as the "head of family" exemption. This gives you the power to object to garnishment if they try to touch your wages.
Thank you for your help
Good luck to you!
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).