Stop Bill Collectors!

Florida is known for the best home protection in the country: no one (well, almost no one) can take your primary home, no matter what it is worth. Creditors can take you to court, sue you, and win a judgment, but they can’t take your home, even if it’s worth ten million dollars. There are a couple of exceptions, including your mortgage holder, but that’s just reasonable and expected: if that wasn’t the case, you could just not pay your mortgage, but keep your home. The home protection law is why OJ Simpson moved here, and after reading this, you’ll probably want to move here too. Warning: while the exemptions are all-encompassing for judgments, they change if you file for bankruptcy.
(more…)

Texas has very favorable exemptions for the consumer. You can think of exemptions as those items you are allowed to keep if you are sued by a creditor who obtains a judgment against you. A creditor can’t force you to sell your home in Texas, and in true Texas spirit, they can’t force you to sell your guns either. There is one major exception to the liberal rules for judgment exemptions: a homestead isn’t protected if you are sued by the federal government, so make sure you pay your income taxes!
(more…)