Florida Homestead Services - Florida Homestead Exemption Act Forum
Visit our main website at Florida Homestead Services.com
 | Forums | Sign Up | Reply | Search | Statistics |
General Postings Florida Homestead Services - Florida Homestead Exemption Act Forum / General Postings /  

WAGE ACCOUNTS

Author johnbsims3
Admin Male

#1 | Posted: 10 Dec 2006 07:40 
WAGE ACCOUNTS -- The purpose of the salary and wages account is to seperate protected wages and salaries so as to not commingle wages in accounts with monies from other income sources. Wages and Salary that are paid to the head of a family (formerly called head of household) are normally exempt from garnishment by most creditors and judgment holders. The wages or salary monies in the wage account are exempt from attachment by creditors for up to six months when they are deposited in a wage bank account. We strongly advise potential debtors set up separate bank accounts in which they should title it as a "wage account". You should only deposit your wages and salary and no other money into the wage account for protection from creditors. Our concern is that some attorneys have made the statement that it is not necessary for the head of family to deposit wages in a bank account titled as a wage account, and a separate wage account is not always necessary. We disagree.



The law providing protection of your wages and salary from creditor garnishment does not require the deposit of protected wages and salary into a separate bank account or a wage account, however, as long as the wages and salary can be clearly traced and identified as wages deposited into the account, the wages are protected. Seperate wage and salary accounts are definitely helpful, although not necessary to protect deposited earnings of the head of household based on the fact that the account could establish prima fascia evidence of the origin of the monies in the account.
http://www.floridahomesteadservices.com

General Postings Florida Homestead Services - Florida Homestead Exemption Act Forum / General Postings /
WAGE ACCOUNTS
Top
Your Reply Click this icon to move up to the quoted message
 

 ?
Only registered users are allowed to post here. Please, enter your username/password details upon posting a message, or register first.
 
  Powered by Forum Software miniBB®