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How much do I need to pay to the creditor

Discussion in 'Other Debt, Collection, Garnishment' started by palpeter, May 13, 2016.

  1. palpeter

    palpeter Law Topic Starter New Member

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    Jurisdiction:
    Florida
    We live in Fort Lauderdale, Florida. A lawsuit is going on since January 2013 with my former colleague.

    My wife and I have a joint checking account since 2011. This Joint Account (JA) is: “Joint with right of survivorship”.

    I have a Personal Savings (PS) account on my name alone. Until few days ago, my wife has no other account (joint or personal) except the JA account with me.

    My salary was directly deposited in JA. My wife has no job and she takes care of our children.

    We were paying all our living expenses from the JA account.

    Since January 2013, I moved 70000 dollars, at various times, from JA into my PS, promising my wife that I will pay back her joint share (in those transfers) later on. Except keeping some minimal amount to run the house, I have been transferring all the remaining money from JA to PS. This is the practice I have been doing since 2012, promising my wife that I will pay back her share (50%) later on, whenever she wants, without interest.

    In January 2014 my wife brought some property on her name alone, worth 20000 (I transferred this 20000 from the PS to JA then she purchased that land on her name using this money). In addition to this 20000, I transferred another 10000 from PS to JA in January 2015, using which my wife bought some gold items for herself.

    Last month, we both together opened a TBE account and my salary is getting deposited into that TBE (we did not move any money from any other account to this TBE account).

    Just a few days ago, I transferred all the remaining money (40000 i.e., (70000 – (20000 + 10000)) from my PS to JA. Then my wife moved that 40000 money to her personal account which she created recently.

    In my wife’s personal account (which she created a few days ago), there is no money except the money (40000) I/she transferred from the JS. She is planning to buy some property.

    If I lost the lawsuit, how much money will legally goes to the creditor (from the money my wife currently has: 40000), if the creditor files fraudulent transfer claim and the award is far more than 40000?

    If my wife spends any money from that 40000 just to run the house, how it will change the amount of money the creditor can get (from that 40000).

    I have no other property or income (except my job, which is protected from any garnishment because of head of house hold excemption)

    Any information is helpful. Please advice.
     
    Last edited: May 13, 2016
  2. army judge

    army judge Super Moderator

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    If you're being sued, and lots of loot is at stake, you need to hire an attorney.

    If a judgment is rendered against you, the judgment holder can potentially go after ALL of your assets, with limited exclusions.

    Depending on the nature of the lawsuit, the likelihood of you not prevailing, your assets are at risk.

    You should retain an attorney to represent yor interests, meaning you and your wife's interests, too, if she's named in the lawsuit.

    Add in your frequent money transfers, you're dong everything wrong.
    Those transfers from you to her won't necessarily protect the money or the real estate.

    The transfers could be used to try and prove you're hiding your assets, or transferring/disposing of same in an attempt to thwart a potential verdict against you. That, mate, could be considered to be fraudulent.

    You need real help, mate, help far greater than what the Internet can offer.
     
  3. adjusterjack

    adjusterjack Super Moderator

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    The kind of money you are fooling around with could be enough for your creditor to seek criminal prosecution.
     
  4. palpeter

    palpeter Law Topic Starter New Member

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    Thank you and I appreciate. I hope there are no debtor jails in Florida. Also there are no injunctions on me (or my wife) regarding money transfers. I do not understand how it could be criminal in any way.
     
  5. adjusterjack

    adjusterjack Super Moderator

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    Appears I was wrong about potential criminal prosecution. Won't happen.

    Read the following article by an attorney and you'll see the civil consequences:

    Florida Fraudulent Transfers
     
  6. army judge

    army judge Super Moderator

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    There isn't ONE debtor's prison in the entire USA.
    Owing debt has YET to be RECRIMINALIZED!!!

    If your tormentor does eventually secure a judgment, investigate bankruptcy.
    In fact, you look into bankruptcy now, to eliminate the debt.

    It can't hurt to inquire of two or three local BK lawyers.
     
  7. palpeter

    palpeter Law Topic Starter New Member

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    Thanks but I cannot file for BK.
     
  8. d1amund

    d1amund Member

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    If it's found that you have been fraudulently transferring funds to your wife to shield and protect those funds from your creditor, your wife (even though she may not be a defendant in the original case) will now be named as a defendant in the case in an attempt to undo those fraudulent transfers.
     
    army judge likes this.
  9. palpeter

    palpeter Law Topic Starter New Member

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    Thank you.

    What date will probably be used as reference to calculate the starting point of fraudulent transfers, if any?

    Once my wife is added as a defendant, can they take nay property, which is other wsie excepted as tenants by entirety by me and my wife
     
  10. army judge

    army judge Super Moderator

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    Okay, let's fill in some very, simple blanks.

    You don't need to write paragraphs, just a couple of sentences or so.
    Who is suing you?
    What amount in damages is the plaintiff seeking?
    Why are you being sued?

    What has transpired to date in regard to this lawsuit?
     
  11. palpeter

    palpeter Law Topic Starter New Member

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    my former colleague
    damages are around 1million
    for defamation

    I almost lost the lawsuit.
     
  12. army judge

    army judge Super Moderator

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    How did you allegedly defame your former colleague via the Internet, email, a letter, a bog, etc...?

    What prompted the dispute which allegedly caused you to comment negatively about Former Colleague XXX?

    Do you have an attorney?

    About how much in excess assets, above the protected asset level in your state FL?

    Protected assets explained:

    Florida Asset Protection Law


    Consumer Tip: DEBTORS' RIGHTS IN FLORIDA


    Ten Asset Protection Strategies Every Florida Resident Should Consider - De Varona Law


    The Strongest Asset Protection Laws in the US



    Assets Exempt from Creditors' Claims under Florida Law


    Does Florida law protect IRAs and SEP-IRAs from Creditors?




    It worked for OJ until he returned to his street behaviors.
     
  13. adjusterjack

    adjusterjack Super Moderator

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    How does one "almost lost" a lawsuit?

    You either lost it or you won it.

    If the judge says you don't owe anything, you won.

    If the judge says you owe one penny or more, you lost.
     

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