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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37386
Experience:  16 years real estate, Realtor. Landlord 26 years
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I have a judgement against me and a credit score of 400

Customer Question

Hi I have a judgement against me and a credit score of 400 but my grandmother has perfect credit and is willing to do a sign and drive lease agreement for me with a guarantee from myself and my mom that the payment is made. So with that said here is my question, my grandma wants to know that god for bid a catastrophe happen that she is not held personally liable. That her pension or home or stocks cannot be taken. So what measures would have to be taken to ensure she could never be held personally liable?
Thanks so much, Leslie wright. Jax Fl 32257
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can..Florida has an unlimited homestead exemption from creditors for an unsecured debt, so her home would always be completely safe if the lease went bad. .Her pension is also protected under federal law from garnishment, so that is safe too..As for her stocks, if they are in a retirement account, they too are safe under federal law. But if they are in a non-retirement account, then they would be subject to creditors if you or mother didn't pay the lease payments and the creditor sued grandmother..The only way to keep the stocks from being at risk if they are in a non-retirement account would be to get them out of her name personally by either transferring them to someone else or putting them into something like an irrevocable trust so that she would no longer be considered the legal owner of them...thanksBarrister

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