Full question:
If I have a form 1.977(Fact Information Sheet) and I have an airplane in a Delaware Corporation do I have to report it? I am in the state of FL. I also need to know if they can attach the shares of the corporation.
- Category: Judgment Liens
- Date:
- State: Florida
Answer:
You must answer the questions on the form truthfully. If you refuse, the judgment creditor's attorney can seek a court order to compel your response or depose you under oath regarding your assets. To avoid the collection process, consider negotiating a payment plan with the creditor.
Shares of a corporation can be attached if the owner has an unpaid judgment or if the shares are pledged as collateral in a defaulted agreement. A judgment lien is established when a court grants a creditor an interest in a debtor's property due to a court judgment. This lien can be filed if a judgment is obtained from a court. If the judgment remains unpaid, the creditor may request the court to place a lien on the debtor's property, including bank accounts or real estate, to secure payment. The next step could involve selling the attached property to satisfy the debt.
A judgment creditor may also request a writ for wage garnishment, which, if granted, is served on the debtor's employer. This legal procedure requires the employer to withhold a portion of the debtor's earnings to pay the debt directly to the creditor. The amount garnished cannot exceed 25 percent of the debtor's disposable earnings or the amount exceeding 30 times the federal minimum wage, whichever is less. Certain types of income, such as welfare and Social Security benefits, are exempt from garnishment.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.