Consumer Protection Law
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I researched that in Florida you have a combine personal property exemption of 5k. That is, you can exempt both your car and personal bank account if they combined are under 5 k.
It also mentioned that usually they leave your car alone...unless it's a 30 k, etc. does that sound correct to you?
However, you have to file with the Court for these exemptions, correct?
I also researched that if you set up a LLC, I have my own business, and make yourself a signor on the account, it is basically attachment proof, correct:
If we have an LLC, wouldn't the assets of the business also be garnishment proof ?
Thank you very much!
Yes the business was (for a long time) incorporated, and I paln to incorparte again.
1. What is the best structure (LLC, S-corp, etc.) for legal protection against any type of personal judgement?
2. Is there more protection against attachment if the corporation has two or more owners, or is it just as safe if only one owner? Or does that even come into play?
3. Here's the situation with the home...my dad recently passed and it was willed to the siblings. however, i am in position to buy it from the other siblings. however the home does have a 2nd mortgage on it for 35K, the home is worth @ 250.000. Thoughts?
Thank you LOTS!!!
I researched that in Florida you have a combine personal property exemption of 5k. That is, you can exempt both your car and personal bank account if they combined are under 5 k. That is the combined $1k and $4k, yes. And, remember that if there is a car loan, that car is security, so that part is off limits as well.
It also mentioned that usually they leave your car alone...unless it's a 30 k, etc. does that sound correct to you? Yes, particular if it won't come near satisfying the debt.
However, you have to file with the Court for these exemptions, correct? Yes. And likely the Sheriff as well should receive your affidavit if exemption.
I also researched that if you set up a LLC, I have my own business, and make yourself a signor on the account, it is basically attachment proof, correct: LLC law changed in 2013, so you will want to review those changes (I have not, in any depth, yet). But generally, LLC, as a corporation, is a useful asset protection tool if a multi-member LLC (as of 2010), but a single member LLC does not get the same benefit. Also, remember, that if you are an owner of the LLC, your interest in it is still able to be levied, since it is your property. Here is a great article that show you where your protections lie, and where they do not.
If we have an LLC, wouldn't the assets of the business also be garnishment proof ? If properly drafted, yes, those assets can be protected in a multi-member LLC. But, YOUR interest/share of that LLC can still be levied. And charging liens can arise, although as you can see in the narrative linked above, there can be disadvantages to the creditor as well.
Thank you very much! You are welcome :)
Which business structure...LLC, S-corp, or others are the "best" to protect the business assets from attachment/attack from creditors?
I am planning to apply to form an LLC today online. then I plan on retaining attorneys & accountants to structure the corporation as they advise. If the business is set up as an LLC and later we are instructed to change to another structure - that can be done , correct?
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