Debtors worry about how their creditors are able to discover where they maintain financial accounts. How can your creditors discover your accounts given today’s strict privacy laws? Continue reading
A key to collection procedure is a relatively unknown Florida statute called the Proceedings Supplementary statute. This statute give judgment creditors broadly defined equitable tools to collect unpaid civil judgments. The statute is the procedural basis of creditor actions for fraudulent transfers, injunctions and piercing the corporate veil. Continue reading
One of my clients has a securities account at a national stock brokerage company with about $300,000 of liquid, marketable securities. The client borrowed about $230,000 from the brokerage company “on margin” so that the loan is secured by the stocks in the account. The client has a judgment against him for over $1,000,000.
A creditor gets a charging lien against distributions from a limited partnership to the debtor limited partner. The partnership makes little or no distributions during the debtor’s lifetime. The debtor dies leaving his partnership interest to his children. What happens to the charging lien?
A debtor whose wages have been garnished may file a response with the court claiming that he is exempt from wage garnishment because he is head of household. The creditor may then file a response to the claimed exemption with an affidavit stating the grounds upon which the debtor’s exemption is contested. Continue reading
The exemption from wage garnishments for debtor’s who are head of household is not absolute. The wage garnishment exemption statute provides that a debtor can waive his head of household exemption in writing. A creditor may insert in a promissory note, credit agreement, or mortgage note a provision that the debtor waives the wage exemption from execution in the event a creditor gets a judgment for amounts due under the note or credit agreement.