Florida’s Wage Exemption Statute provides protection for those who meet the definition of “head of family” and are facing a judicial garnishment or filing for bankruptcy. A head of family who pays for more than 50% of a dependent’s living expenses cannot be garnished if their net income after deductions is less than $750 per week. If the head of family earns more than $750 per week after deductions, then they can only be garnished on the amount that exceeds $750 if they signed a written waiver allowing a creditor to seize income.
A client recently came in to my office with a letter she received from Bank of America stating that her Home Equity account had been approved for participation in a principal forgiveness program offered as a result of the Department of Justice and State Attorneys General global settlement.
The letter goes on to explain that the entire balance and any accumulated fees, interest, etc.