Wage Accounts

Wage Accounts

Wages, earnings or compensation of the head of household which are due for personal labor or services, including wages deposited into a bank account (provided they are traceable and identified as such) are exempt from garnishment or attachment under Florida Statute Section 222.11. A debtor is head of household if he financially supports someone for whom he has a legal or moral support obligation, such as a spouse, child, or parent. The dependent does not have to reside in the debtor's primary residence. Exempt means that such wages cannot be reached by a creditor, except for alimony and child support payments, or except when the right to garnish wages is given to a creditor (such as in loan documents, in connection with a bank loan).

Some other states have similar laws – it's best to contact The Presser Law Firm, P.A. to talk about what is specifically exempt in your state of residence.

Advantages: The Asset Protection advantage is obvious in this instance, creditors cannot reach your wages for a certain period of time – at which you can construct and finalize your Asset Protection strategy, which may include these wages.

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