There is a term and I cant think of it...when creditors have access to anything (including garnishing of wages) but not your house. What is that called?
2007-02-24 01:06:42 · 5 answers · asked by csiders30 4 in Politics & Government ➔ Law & Ethics
I am not sure, it sounds like justice to me.
2007-02-24 01:09:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When creditors are after your assets, you have to file a "claim of exemptions." There's a lot more than your home they can't take. If you're being garnished, you must be served with the garnishment petition and a claim of exemption form should have accompanied it. If you can't find the form, file a notice with the court that says "I hereby claim all exemptions from collection that are permitted by law." Put the case name and number on the notice you file. That will protect you until you can file a detailed list. In my state--and Florida laws are similiar--you cannot take the car, the furniture, "tools of your trade," and even all your money in the bank. The exemptions are not automatic. You have to assert them. My state is poorer than Florida and our exemptions are lower. There is a time limit to do this. Do it immediately.
2007-02-24 09:16:10 · answer #2 · answered by David M 7 · 0⤊ 0⤋
I believe the term to which you are referring is the Homestead exemption. Typically, it is claimed in the filing of a bankruptcty. I would advise contacting a local Bankruptcy or Debtors' Rights attorney.
Good luck!
2007-02-24 09:57:19 · answer #3 · answered by Rob B, of MD 4 · 0⤊ 0⤋
Fla. constitution exempts a person's home from levy for collection of a debt. (That's why OJ Simpson & Mike Tyson live here). In Fla. people commonly refer to this as a "homestead exemption."
2007-02-24 10:00:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You are protected under the homestead act. You can keep your home as long as you pay for it. Its it's paid for and homesteaded they can't touch you.
2007-02-24 09:09:48 · answer #5 · answered by Anonymous · 1⤊ 0⤋