Legal Question in Credit and Debt Law in Florida

Re: judgment from repo

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Your homestead is safe from any claim of a creditor unless you have more than $100,000.00 in equity in it at which time a creditor can try to force you into bankruptcy. Since the change in the laws, I have yet to see any lender attempt to levy against a homestead regardless to the equity, however. Wages of the head of a household are exempt from garnishment unless you agree in writing with the creditor. Social Security income is exempt from garnishment. Other assets are generally fair game.

The creditor does not have to negotiate a settlement although they generally will. If you do not like the first person you speak with, hang up and try again the next day. You may have better success.

Scott R. Jay, Esq.