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If I have no assets in my name (our real estate was ...

If I have no assets...
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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Answered in 5 minutes by:
6/10/2008
Law Girl
Law Girl, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4,606
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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.
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Customer reply replied 9 years ago
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.

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.

Good Luck!

-KAT

Law Girl
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Category: Bankruptcy Law
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Customer reply replied 9 years ago
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.
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Customer reply replied 9 years ago
Thank you for your help

No problem.

Good luck to you!

-KAT

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