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  1. #1
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    Apr 2020
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    Default Can I Spend My Currency As I Wish

    My question involves collection proceedings in the State of: Florida
    I very recently lost a civil case in Florida. The judgment did not say anything and did not put any restrictions on how I can spend my money. The creditor not yet started any action to collect the money from me due to carona virus. I have few thousand dollars cash in my bank account. Can I withdraw currency from my bank account and spend it as I like (for buying liquor, gambling, travel, etc, like consumable items). Later on, if the creditor question me, am I obligated to produce any receipts (for the currency I spend) or remember or provide specifics on how, when and where I spend that currency?

  2. #2
    Join Date
    Oct 2006
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    16,085

    Default Re: Can I Spend My Currency As I Wish

    Quote Quoting josha
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    My question involves collection proceedings in the State of: Florida
    I very recently lost a civil case in Florida. The judgment did not say anything and did not put any restrictions on how I can spend my money. The creditor not yet started any action to collect the money from me due to carona virus. I have few thousand dollars cash in my bank account. Can I withdraw currency from my bank account and spend it as I like (for buying liquor, gambling, travel, etc, like consumable items). Later on, if the creditor question me, am I obligated to produce any receipts (for the currency I spend) or remember or provide specifics on how, when and where I spend that currency?
    You can spend your money as you like. What you cannot do is hide it. No, you do not have to account for your expenditures although depending on how much the judgement is, and how much money you actually have in the bank it might be wiser to throw your receipts in a box "just in case".

  3. #3
    Join Date
    Apr 2020
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    8

    Default Re: Can I Spend My Currency As I Wish

    Thank you very much!
    Although I have no intention of hiding the currency, and will not hide the currency; just for hypothetical reasons, I wish to know what if a person hides the currency and claims that he/she spent it on consumables? What legal tools the creditor has to face this?
    You said that it might be wiser to throw my receipts in a box "just in case". Is this legally mandatory to keep the receipts? Can the court or creditor do anything to me if have no receipts? I prefer not to have the creditor know about my spending habits or where I am located at a specific time (the receipts may help provide these details to the creditor). Therefore, I prefer to produce the receipts only if it is mandatory by law.

  4. #4
    Join Date
    Nov 2013
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    6,810

    Default Re: Can I Spend My Currency As I Wish

    You can spend your money anyway you want and you don't have to prove (by receipt) what you spent it on.

    What you can't do is a fraudulent conveyance, or fraudulent transfer, which is an attempt to avoid debt by transferring money to another person or company. That can be reversed by a court.

    In other words, if you have $5,000 in the bank and you spend it on whatever you want (gambling, food, travel, rent, utilities, etc.) that is not a fraudulent conveyance. But if you send $4,000 to your brother and ask him to hold if for you, that is a fraudulent conveyance and the court can reverse it and make the money available to the creditor.

  5. #5
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    Mar 2013
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    Default Re: Can I Spend My Currency As I Wish

    Quote Quoting josha
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    My question involves collection proceedings in the State of: Florida
    I very recently lost a civil case in Florida. The judgment did not say anything and did not put any restrictions on how I can spend my money. The creditor not yet started any action to collect the money from me due to carona virus. I have few thousand dollars cash in my bank account.
    A bank account levy is one of the easy ways that a judgment creditor can collect so you would be wise to close out the account anyway and use cash and/or money orders for your normal living expenses and bills.

  6. #6
    Join Date
    Jul 2018
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    2,223

    Default Re: Can I Spend My Currency As I Wish

    Quote Quoting josha
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    The judgment did not say anything
    So...it's just a blank piece of paper (save for the word "judgment")?


    Quote Quoting josha
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    Can I withdraw currency from my bank account and spend it as I like (for buying liquor, gambling, travel, etc, like consumable items).
    You've given us no reason to believe you lack the ability to do so. If your intent was to ask whether there is any legal prohibition against spending your money, the answer is no, there isn't.


    Quote Quoting josha
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    Later on, if the creditor question me, am I obligated to produce any receipts (for the currency I spend) or remember or provide specifics on how, when and where I spend that currency?
    If, at the time of such questioning, and if that question occurs in the context of a judgment debtor exam or other proceeding, and assuming you are served with a legally appropriate request for documents/subpoena, you still have the receipts, you will be obligated to produce them. However, you are under no present obligation to document your spending or remember what you spent your money on.

    Quote Quoting llworking
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    You can spend your money as you like. What you cannot do is hide it.
    What makes you believe the OP lacks this ability? And, if your intent was to say that there is a legal prohibition against hiding assets, that's wrong. There's no legal prohibition in any state against a judgment debtor hiding assets.

    Quote Quoting josha
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    I wish to know what if a person hides the currency and claims that he/she spent it on consumables?
    Depends on the context in which the debtor tells this lie.


    Quote Quoting josha
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    What legal tools the creditor has to face this?
    I'm not entirely sure what you're asking. You can look up Florida laws on enforcement of judgments as easily as anyone here. However, enforcing judgments is more about investigation than anything else.


    Quote Quoting josha
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    Is this legally mandatory to keep the receipts? Can the court or creditor do anything to me if have no receipts?
    As mentioned previously, a judgment debtor is under no obligation to document his/her/its spending (absent a court order requiring such documentation). If a court has ordered a debtor to document spending and the debtor fails to do so, he/she may be fined and/or incarcerated for contempt of court.

  7. #7
    Join Date
    Nov 2013
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    6,810

    Default Re: Can I Spend My Currency As I Wish

    Quote Quoting pg1067
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    What makes you believe the OP lacks this ability? And, if your intent was to say that there is a legal prohibition against hiding assets, that's wrong. There's no legal prohibition in any state against a judgment debtor hiding assets.

    What do you mean by hiding assets? Do you mean to say that a fraudulent conveyance is not hiding assets or you can hide your cash under the mattress? Surely, a fraudulent transfer is prohibited by law to hide assists from a creditor in all the states.

    http://www.leg.state.fl.us/statutes/...0726/0726.html

  8. #8
    Join Date
    Mar 2013
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    17,780

    Default Re: Can I Spend My Currency As I Wish

    Hiding your cash under the mattress is not a fraudulent transfer. You still have the cash.

  9. #9
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    Nov 2013
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    Default Re: Can I Spend My Currency As I Wish

    Yes Jack. I didn't suggest that hiding your cash was a fraudulent transfer. I was responding to pg1067 where he says that
    There's no legal prohibition in any state against a judgment debtor hiding assets.
    That is just not the case.

  10. #10
    Join Date
    Apr 2020
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    8

    Default Re: Can I Spend My Currency As I Wish

    Thank you very much to each one of you.
    I was wrong by saying "The judgment did not say anything" the correct phrase should be: The judgment did not say anything on spending my money and the judgment ordered me to pay some specific amount (I am not disclosing the amount here) to the plaintiff/creditor.
    Also let me correct my following earlier sentences: "I wish to know what if a person hides the currency and claims that he/she spent it on consumables? What legal tools the creditor has to face this?" The corrected sentences are: If I hide the cash under carpet and, during the judgment debtor exam or other proceeding, I say under oath that I have no cash with me and that I spent it on consumable items (and say that I have no receipts and no record on how I spent it) then whether the court or creditor can come to my home to search if I hide the money? How they prove (if at all they want to prove) that I lied? Kindly note that I have no intentions of doing this but want to educate myself.

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