Vulnerability of Out of State Financial Accounts (Part II)
Further thoughts on the same subject. Most of my clients are Florida residents who are threatened with Florida judgments. For these debtors, it makes no difference if their bank has out of state offices. But, for people moving to Florida from another state and who are threatened with lawsuits brought against them in their home state other than Florida, it makes sense to open bank accounts in Florida at local banks who do not have banking offices or branches in their home state. The same advice applies to new accounts at stock brokerage firms, although it may be harder to find a brokerage that does not do business in the state where a judgment is threatened.
