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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
- Steve Savino
Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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"Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends."
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The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Fulton Paper Company
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Kimberly-Clark Customer Financial Services |
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Florida's Exemption Laws: Not Always Friendly to Creditors
Ace Supply may be out of luck.
Florida's exemption laws make it the state considered most favorable to debtors. It is specifically the homestead exemption, which removes virtually all real property from the reach of any creditor, that makes the state so debtor favorable.
Dating back to 1868 when the state constitution was enacted, the homestead exemption was originally restricted to heads of household, and there was considerable litigation revolving around the question of whether a particular debtor qualified as a household head. Then in 1985 the exemption was amended to apply to any person keeping a household of one-half acre within a municipality or 160 acres outside of a municipality.
This translates into the fact that any person may own a home of any value on 160 acres of land outside a municipality and said real estate and the home will be out of reach of any creditors (even if valued over a million dollars). Where separate residences are established in good faith by both husband and wife, it is conceivable that both parties may enjoy a homestead exemption under the Florida law.
Wages of a Florida resident are also exempt, as are bank accounts in which the wages are deposited.
So Florida has become something of a magnet for people seeking to avoid paying their debts, but many of them find that the homestead exemption is not available to them. Florida courts insist that the party's legal residence be in Florida in order to take advantage of the exemption, and the courts require some form of corroboration of the intent of the party. Merely stating what your intent is without substantiation may not be sufficient. Some of the things Florida will consider in determining a homestead exemption (in addition to the declaration of the party) are
- where the party is employed.
- where he or she is registered to vote.
- the address on the driver's license.
- the address on the federal income tax return.
Accordingly, people who merely visit Florida may be denied the benefits of the exemption.
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The party must also intend to utilize Florida as a residence on an ongoing basis. The mere fact that he or she is physically present in the state (without any intention of remaining there) will usually be insufficient. While this may appear to be subjective, the party must offer some evidence of the intention to continue to reside in Florida, at least in the foreseeable future. How long the foreseeable future should be is a question for the courts to consider.
The above analysis of the state of Florida may apply to a greater or lesser degree to the other states. In recent years changes in Texas laws have provided significant protection for debtors. In addition, there are several states (e.g., North Carolina, South Carolina, and Pennsylvania) where creditors are prohibited from garnishing the salaries of debtors. And, of course, there are homestead exemptions that vary from state to state across the country (for example, the exemption amount is $10,000 in the state of New York).
The lesson to be learned is not to abandon pursuing a debtor into what is known as a "debtor's state." Often the debtor will set up a residence in a debtor's state merely to discourage creditors and will maintain a residence elsewhere. When the debt involves significant monies, an investigation might be warranted to determine whether the debtor really does reside in Florida or Texas.
The investigation should start in the original state in which the debtor resided, and counsel should be retained to determine whether the debtor still has ties, both business and personal, to that state. If there are ties to that state sufficient to affect the exemption in Florida or Texas, then the option lies with the creditor to pursue the property and assets of the debtor in Florida and Texas as well as in the state where the debt was incurred.
Editor's Note: The above article originally appeared in the Credit & Collection Manager's Letter, a newsletter purchased by Credit Today in 2006. This article originally appeared prior to 2000.
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Credit Groups 2012
Wonder What the ROI is on Credit Groups?
Find out here...
It's been 4 years since our original ground-breaking survey on credit groups and we're revisiting this most important topic. Among other topics, we're investigating:
- What are the top services being offered by credit groups
- How much credit groups cost
- What the value of credit group services is
- What the value of credit group services is in comparison to credit reporting services
- How data is submitted
- What percentage of credit groups reveal terms
- What percentage of credit groups share data outside the credit group
And much more...
Click here to participate!
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