Execution and levy is a legal process a creditor uses to collect on a judgment. In Florida, execution and levy use a writ of execution to seize any of the debtor’s assets, including tangible personal property, vehicles, valuables, safe deposit boxes, and stock certificates, so that the sheriff’s office can sell the property to help satisfy the money judgment. Execution and levy in Florida can help a creditor collect on its judgment by going after the debtor’s most valuable property.
The difference between an execution and a levy is that an execution takes the place of a writ, or order, from a court, while a levy is the process of a sheriff’s office carrying out that writ.
What Is a Writ of Execution?
A Florida writ of execution is a formal document issued by the court that directs the sheriff to seize the debtor’s assets. With a writ of execution, you can collect on your judgment. The writ can apply to all property belonging to the debtor.
What Is a Levy?
A Florida levy refers to the action taken by the sheriff in taking the property. With a levy, the sheriff will enter the debtor’s home and seize any non-exempt assets identified by the creditor. The creditor can cause the sheriff’s office to sell the assets and apply the proceeds towards the judgment.
Steps for Execution and Levy
Starting the execution and levy process requires the creditor to (1) obtain a final judgment, (2) get a writ of execution, (3) identify assets subject to execution, and (4) direct the sheriff to seize the assets. Once the assets are levied upon, the sheriff will sell the assets. The proceeds will first go towards the costs of the levy. The rest will go towards the judgment.
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Assets Exempt from Levy
Not all assets can be levied upon in Florida. Some assets are exempt from execution and levy, such as tenants by entireties assets when the judgment is against one spouse alone. If the property is being held by the debtor but belongs to someone else, then the asset cannot be levied.
Real property is not subject to sheriff’s levy. Instead, the judgment creditor can get a lien on the real property and forclose on the lien through a court auction. However, a person’s homestead is exempt from liens and foreclosures for most civil debts other than mortgages.
In addition, Florida law exempts up to $1,000 in personal property from execution and levy.
About the Author
Gideon Alper is an attorney who specializes in asset protection planning. He graduated with honors from Emory University Law School and has been practicing law for almost 15 years.
Gideon and the Alper Law firm have advised thousands of clients about how to protect their assets from creditors.
