Legal Question in Credit and Debt Law in Florida
My husband and I are in financial turmoil. We have 2 boats and 1 car that we can no longer afford to make payments on. We have real estate our shop property the we work out of. It is owned in our names and is paid for. If we default ou our loans can the creditors come after our real estate?
2 Answers from Attorneys
Creditors will come after anything that is not considered homestead. Your car can also be protected. However, the boats, along with your checking and savings accounts can be attached if they find you have money available. I suggest you sale what you can to avoid having to go through this. Bankruptcy is an option as well.
See my website on garnishment and your rights under it. Are the boats and cars in both your names> Makes a difference. Try to sell the boats and or car and pay off the loans with what you get. Want to know the law? Sign up for our free newsletter on varies areas of the law by sending an email to [email protected] and requesting the newsletter, or go to www.ConsumerLawyerHelp.com. See www.FL-PI-Lawyer.com for your personal injury needs.
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