Under Florida law once you have a final judgment against a defendant, the plaintiff is entitled to recover on the amount of the judgment via garnishment proceedings. Under a garnishment, a Court of competent jurisdiction, can issue an order (writ) which commands a third party (for example a bank or an employee) to give monies, wages or property held by that third party on behalf of the defendant to the plaintiff, thereby satisfying the amounts that are due under the judgment.

Despite the above, Florida law also recognizes several exemptions under which such plaintiff cannot recover from the defendant certain monies or property due to specific circumstances which make the defendant “exempt” from having to convey ‘anything’ in satisfaction of the judgment.

 Some of the exemptions recognized by Florida law include:

1.   Being a head of family wages if either:

a.  You provide more than one-half of the support for a child or other dependent and have net earnings of $500 or less per week, or

b.  You provide more than one-half of the support for a child or other dependent, have net earnings of more than $500 per week, but have not agreed in writing to have my wages garnished.

2.   Social Security benefits.

3.   Supplemental Security Income benefits

4.   Public assistance (welfare).

5.   Workers' Compensation.

6.   Unemployment Compensation.

7.   Veterans' benefits.

8.   Retirement or profit-sharing benefits or pension money.

9.   Life insurance benefits or cash surrender value of a life insurance policy or

proceeds of annuity contract.

10.  Disability income benefits.

11.  Prepaid College Trust Fund or Medical Savings Account.

 Once you find an exemption, you file a standard form called “claim of exemptions” with the clerk of court claiming your right to exempt your property and you can also have your attorney file a motion to dissolve the garnishment.

 Every case is different and requires specific legal advise. Please see your attorney for further information regarding this or any other legal issue.

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With a declining Florida real estate market and rising number of foreclosures, more and more borrowers are now turning to the option of “short sales”. A short sale refers to a transaction where the proceeds of the sale of a property will not be sufficient to cover the outstanding debt and closing costs. In these cases, a seller/borrower typically has three options: 1) the seller/borrower contributes the additional funds required at closing; 2) the seller/borrower allows the property to go into foreclosure; or 3) the seller/borrower approaches their lender and asks them to accept a lesser sum in full settlement and satisfaction of the outstanding loan. The third option of persuading a lender to accept a lesser sum, the “short sale”, can be a difficult one. The lender will consider several factors in doing so.

            The first factor a lender will consider is the status of the loan—the loan has to be in default in order for the short sale to be an option. Other factors that will come into play relate to the seller/borrower’s financial situation, similar to when applying for a standard mortgage: income, savings, assets, debts, and verification thereof. After considering all the information, the lender will decide if consenting to the short sale is in their best interest, and if so, what amount will be acceptable to lender to satisfy the outstanding loan.

            One potential risk of the short sale to be considered by the seller/borrower is the possible tax consequence. Once lender accepts an amount to satisfy the loan, it will report its loss to the IRS, and the seller/borrower will have to report the corresponding forgiveness of debt as income which can be a very substantial tax obligation. Legislation has been proposed to protect homeowners from having to pay such income tax on forgiven debt. The Mortgage Forgiveness Debt Relief Act of 2007 was approved by U.S. Congress and is limited to principal residences and to no more than $2,000,000.

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Miami, Florida is commonly called the “Mecca” of shopping affairs year-round for people from all over the world. But before being able to spend your money, everyone entering the United States must declare the amount of money in possession at the time of inspection. What people do not realize is that a simple innocent mistaken answer to a Customs and Border Protection Officer can create quite the storm in their paradisiacal trip.

 The simple question that so many stumble upon is the following: Do you have more than $10,000.00 dollars in money in your possession when entering the U.S.?

 If the answer to the above question is yes, then you must specify and correctly fill out the customs form provided to you. You must also ask any Customs and Border Protection officer for a form called a FinCen 105, where you will specify how much money you are bringing into the country. The key issue with this matter is knowing the definition of “money” according to Customs and Border Protection. This will enable you to know if the extra Euro’s or Bolivares in your pockets should be tallied up into the $10,000.00 dollars undeclared money limit.

 The word “money” means: “any monetary instruments currently in circulation, whether it be U.S. or foreign coins, in the form of currency, checks, traveler’s checks, investment securities in bearer form, money orders and any other form of negotiable instruments”. This means that the Euro’s as well as the Bolivares in your pockets, must be tallied up in the same manner as the traveler’s checks and even your lucky $2 dollar bill! These are all negotiable instruments or “money” that counts towards your undeclared $10,000.00 dollar limit.

 Remember that you are allowed to bring as much money as you want into the country. All you have to do is make sure you fill out the currency reporting form FinCen 105, if and only if, your total amount of money is more than $10,000.00 dollars. This form can be found at the airport or at the Customs and Border Protection website.

 Upon arrival into the U.S., a customs inspector will ask you to declare what you have brought into the country, inspect your bags, and review the customs form you filled out on the airplane. Penalties for concealing declarable items can be very severe, so be honest and make a full declaration. When in doubt, it is better to declare and avoid the penalties of a long costly investigation with a possibility of criminal charges.

You must declare the amount of money you have with you, but you do not have to pay duty on it. Money in any amount may be brought into and taken out of the United States, but anyone bringing more than $10,000.00 dollars into the country, must file a report with the Customs and Border Protection officer.

The undeclared money limit is not only applicable when bringing the money in person, but also when you mail currency using any postal service. The reasoning for this is that the money is still entering the U.S., as such it should be declared and a FinCen 105 form must be filled out. 

Items for your personal use may be brought into the United States without paying duty. As a nonresident, you are also allowed to bring in gifts with a total value up to $100 duty free. If the total value of such items exceeds $100, you will need to pay duty.

Finally, be always on the safe side and declare if you are not certain of the total currency you are bringing in.

For your reference, here is a list of items that are forbidden or restricted:  plants, fruits, meats, vegetables, clothing made from the skins of endangered animals, ivory, lottery tickets, obscene articles or publications as well as switchblade knives. Drugs without a doctor's prescription or narcotics, such as barbiturates, amphetamines, and marijuana, are strictly prohibited. For further information regarding items you can bring into the country and other concerns go to http://www.cbp.gov/xp/cgov/home.xml.

If you should have any questions, please do not hesitate to contact us at anytime.

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The termination of a Condominium is governed by Florida Statute §718.117, and also by an Association’s governing documents, which should be consulted for the proper procedures to undergo and which must comply with the statutory outline and provisions.   In some cases, termination is the automatic result of a course of events pursuant to the Condominium Documents and Florida Statute.  In others, termination may be done voluntarily.  Certain events, such as casualty loss through natural disasters, condemnation, or eminent domain are examples.  Termination can allow property owners to maximize the value of their property in cases where the value of the Condominium on the market, due to lucrative redevelopment potential, greatly exceeds fair market value.  It may be a more beneficial alternative to repair and replacement costs in older Condominiums where such costs are greater than the value of the necessary work. 

 In cases where the costs of repairs exceed the fair market value of the units, or repairs are impossible to perform due to government regulations or land use laws, the Statute allows the voting interests to voluntarily terminate the condominium upon a vote of the lesser required percentage of the owners to either pass an Amendment to the Declaration, or to terminate the condominium as provided for in the documents.   The Documents will allow the ownership interests to vote for purely optional termination not borne of necessity or the circumstances of repair stated above, by a certain high percentage which §718.117 requires to be 80% of the interests if a lower percentage is not provided in the Declaration.  In addition, 10% of the interests can vote to reject the plan for termination or submit a written objection, in which case their objection overrides the consent and the termination plan must not go forward.  If the termination will result in less than full satisfaction of a mortgage lien, then the mortgage lien holder’s approval is required; however no such approval is required in the event of full satisfaction.  The actual plan for termination must be a formal written document executed by the owners with the formalities of a deed.  The statutes should be consulted for detailed procedural, formal, notice and other requirements involved with the plan, and necessary contents. 

 The Condominium Association does not immediately end upon approval of a plan for termination.  First, actions must be taken to liquidate the Condominium Association’s interests, and carry out the termination.  The actions that are taken include, carrying out contracts and resolving debts and claims against the association, defending suits brought against the association, employing necessary professionals to aid the termination process, maintaining, repairing, or demolishing unsafe or uninhabitable improvements or other condominium property in compliance with applicable codes, collecting and receiving all accounts receivables, including maintenance, special assessments, insurance proceeds, rent, and other sources of income, among other actions.    

 Termination of a Condominium requires adherence to numerous detailed statutory provisions and this article is a mere overview of the subject.  An association or interested unit owner should consult with an attorney for requirements and rights involved in the termination process. 

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