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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.
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Reply to Law Girl's Post: I'm in Florida
Dear Craig:
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.
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Good Luck!
-KAT
Experience: 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
No problem.
Good luck to you!