• Florida protects certain assets from creditors.Sunshine image by Luke Haverkamp from Fotolia.com
  
  Usually when a Florida resident purchases assets and pays for those assets in full, he owns those assets free and clear. If a person purchases a big screen television for his living room, he does not expect to have that television taken away. In some cases when a person owes money to a creditor his assets may not be safe in his possession.
  
  

Collection Actions

• When a Florida resident becomes indebted to a creditor, the creditor may go after the debtor's assets if the borrower does not meet his obligations. The creditor can make a levy by writ of execution, writ of attachment or writ of garnishment against the debtor's assets. If the creditor takes any of these actions, then the debtor no longer has the ability to do what he wishes with his property. For example, if the debtor wanted to sell the property, he could not sell it without first paying the creditor. If the debtor's wages are being garnished, he cannot stop garnishment without paying the creditor. The creditor can attempt to sell the debtor's property to recoup money owed to him by the debtor.
  
  

Keeping Assets

• For a debtor to keep her assets, she must claim these assets as exempt from sale by making an inventory of her personal property within 15 days of the date of the levy. According to Online Sunshine: the Official Internet Site of the Florida Legislature, "The inventory shall show the fair market valuation of the property listed and shall have an affidavit attached certifying that the inventory contains a correct list of all personal property owned by the debtor in this state and that the value shown is the fair market value of the property." The debtor must designate the property listed for sale and file the inventory and affidavit with the court that issued the writ. If the creditor does not object, the court issues an order exempting the assets claimed as exempt.
  
  

Bankruptcy

• In the case of a Chapter 7 bankruptcy filing in Florida, a bankruptcy trustee sells a debtor's assets to pay the debtor's creditors. Again the debtor can claim assets to be exempt from being sold to pay his creditors by filing a schedule of exempt assets. The trustee decides whether the assets will be exempt from sale.
  
  

Exempt Assets

• Florida lists the following assets as exempt from being sold to pay creditors: homestead of unlimited value, not to exceed one-half acre in a municipality or 160 acres elsewhere; prepaid hurricane savings accounts; prepaid medical savings account deposits; prepaid college education trust deposits; motor vehicle up to $1,000; prescribed health aids; federal income tax credits or refunds; pre-need funeral contract deposits; head of household, up to $500 per week in earnings; pensions; public benefits; insurance; alimony and child support.