A judge in phildelphia Pa awarded a judgement against me for 400,000.00 dollars today, I live in Florida, the home I reside in is homesteaded and my lawye s preparing a irrevocable trust for me. Will they be able to take my home, irrevocable trust?

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A judge in phildelphia Pa awarded a judgement against me for 400,000.00 dollars today, I live in Florida, the home I reside in is homesteaded and my lawye s preparing a irrevocable trust for me. Will they be able to take my home, irrevocable trust?

A judge in phildelphia Pa awarded a judgement against me for 400,000.00 dollars
today, I live in Florida, the home I reside in is homesteaded and my lawye is
preparing a irrevocable trust for me. Will they be able to take my home, irrevocable
trust?

Asked on August 21, 2018 under Estate Planning, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

So the tyoe of judgement matters.  The homestead exemption proptects you from a forced sale by a creditor unless the judgement falls in to these three catagories:
(1) taxes; (2) contracts to repair, improve or purchase the property; and (3) obligations owed to those who perform labor on the realty.
Go and speak with an attorney asap.  A transfer to avoid a creditor is against the law and can be set aside as fraudulent.  Good luck.


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