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Why is it that Florida is so corrupt? They are a debtors haven:
Quote:
Scope of the Creditor Protection
Florida's creditor protection homestead provision is one of the broadest in the United States. The value of the property that can be protected is unlimited, so long as the property occupies no more than ½ acre (2,000 m²) within a municipality, or 160 acres (650,000 m²) outside of a municipality. The provision is written into the Florida Constitution, Article X, section 4, so it can not be removed without a constitutional amendment.
Because of the scope of the protection afforded, persons from other states with heavy debts or large court judgments against them have been known to purchase expensive estates in Florida, a famous example being O.J. Simpson. This strategy has been somewhat impaired by the 2005 Bankruptcy Code amendments.
It's written into their law, and now the Madoff's, even while under investigation by the Securities and Exchange Commission, get to keep their multimillion dollar homes. This is a state that allowed one of the Bush spawn to get another Bush spawn into the White House, where he destroyed the economy, the military, and our reputation abroad.
As corrupt as Illinois is, it aint got nothing on Florida. Their corruption is written into their state constitution.
odanny before you throw darts at my state our Homestead Exemption was written a long time ago to protect wives & children from being thrown out of their homes by creditors when husbands usually didn't pay their debts. It has been abused but the intention was noble at the time.
Most states and the federal government have some version of asset protection laws, as well they should. The interests of the law are in justice, not in retribution, much to the chagrin of many right-wingers. It is also true in most states that those laws may not be used as asset shields. If the courts determine that Madoff's brother entered into that land deal or any other transaction in anticipation of possible civil charges being brought, the tainted transactions will be declared invalid, and the protection of the law will be stripped.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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Quote:
Originally Posted by saganista
Most states and the federal government have some version of asset protection laws, as well they should. The interests of the law are in justice, not in retribution, much to the chagrin of many right-wingers. It is also true in most states that those laws may not be used as asset shields. If the courts determine that Madoff's brother entered into that land deal or any other transaction in anticipation of possible civil charges being brought, the tainted transactions will be declared invalid, and the protection of the law will be stripped.
That is BS. Here in Georgia, if you have a heart attack and can't pay the hospital bill, they will take your $60,000 house, your $12,000 car and 1/4th of your take home pay for the next several years.
That is BS. Here in Georgia, if you have a heart attack and can't pay the hospital bill, they will take your $60,000 house, your $12,000 car and 1/4th of your take home pay for the next several years.
Now that you are aware of Georgia's regulations... change it... otherwise your complacency means that you have accepted it... and if you have accepted it... quit complaining about it.... as for Madoff's case, he used the proper regulations and got away... there is still time to change it so future Madoff's don't get away with it... To all you Floridians, change it or accept it (or pray a hurricane destroys his home, I am doing it right now and I am an atheist)...
Why is it that Florida is so corrupt? They are a debtors haven:
It's written into their law, and now the Madoff's, even while under investigation by the Securities and Exchange Commission, get to keep their multimillion dollar homes. This is a state that allowed one of the Bush spawn to get another Bush spawn into the White House, where he destroyed the economy, the military, and our reputation abroad.
As corrupt as Illinois is, it aint got nothing on Florida. Their corruption is written into their state constitution.
I always wondered about their cockeyed laws. Isn't that why O.J. had his home there? So that the family of his victims could not rouch it after winning the civil suit against him.
When Madoff is no longer able to pay his extremely high propery taxes in Florida, he will lose that home.
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