Exempt Property under Legal Judgment
Emerge 180 Helps Identify and Protect Property
TAMPA, Fla., Nov. 20, 2013 /PRNewswire-iReach/ -- How do you identify the property you own that is exempt from seizure? "Exempt" property cannot be removed by the sheriff. Debtors face the risk of losing important assets when creditors act on court rulings allowing them to take property to satisfy overdue bills. Some judgments permit seizing company property and other rulings may include personal property as well.
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"If a business is faced with this situation, it is important to know what qualifies as exempt property in a particular state," says Emerge180 CEO Jonathan Field. From the creditor's side they ask, "What can we take from them?" while at the same time the debtor wonders, "What can they take from me?"
If you are a business owner and currently facing this situation, it is important you consult an attorney to know your rights and obligations.
What You Should Know
When the progression of long overdue debts leads to court judgment, knowing the state exemptions ahead of time puts the business owner in a better position to respond.
What does the law allow the defendant to keep of his/her property? Before the clerk can issue a writ of execution, the individual defendant must be served with a Notice of Right to Have Exemption Designated.
These forms can be delivered by the sheriff, through certified or regular mail. Simply refusing to accept a certified letter does not release the debtor from the judgment. Following the receipt of the documents, the state designates usually 20-30 days for the debtor to respond with a Motion to Claim Exempt Property. This form should be mailed or delivered to the clerk's office and a copy sent to the plaintiff's lawyer. Failure to return the form during this time can cost the debtor the right to claim exemptions.
Exemptions Variations
Exemptions vary by state. A primary residence in Florida is fully exempt, while exemption only goes to $35,000 in North Carolina. For specific questions regarding exemptions, Emerge180 recommends speaking with an attorney in your area that is familiar with the local exemption guidelines.
FEDERAL EXEMPTION STATES
The following states allow Federal Exemptions:
• Arkansas
• Connecticut
• District of Columbia
• Hawaii
• Massachusetts
• Michigan
• Minnesota
• New Jersey
• New Mexico
• Pennsylvania
• Rhode Island
• South Carolina
• Texas
• Vermont
• Washington
• Wisconsin.
For each state, statutory exemptions are based on different types of property. Despite similarities in laws it's important to check out the regulations in the state involved.
About Emerge 180
Emerge180, a national firm based in Tampa, Florida, has been helping businesses avoid financial disaster since 1993. As experts in creditor negotiations and tax resolution services, Emerge180 helps businesses work through financial crises, and creates plans that re-position their clients for success. An A+ Accredited Business with the BBB, Emerge180 has facilitated the financial turnaround of thousands of companies…and, in so doing, the preservation of tens of thousands of jobs.
Media Contact: Media Relations, Emerge180, 1-800-805-1138, [email protected]
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SOURCE Emerge180
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