When you owe money to a creditor, they have the right to pursue you in different ways, depending on the state you live in. One of the ways they can work to reclaim what they are owed is through wage garnishment. This can be done for a variety of types of debt, allowing the creditor to take a certain percentage of your earnings each pay period. If you’re wondering if you can stop wage garnishments, you should know that it is possible. This information will assist you in learning how.
First of all, it is possible to stop wage garnishments. But, you must visit an attorney. An attorney can go over your finances, income, and assets to help determine your options. One viable option for overcoming wage garnishment is bankruptcy. Bankruptcy can stop all collection activity, so you are no longer being threatened with harassing phone calls or letters.
When meeting with an attorney, you will need to bring in information on all of the bills you owe, no matter how large or small. Each bill will need to be listed on the bankruptcy decree. Any debts that are left off will continue to be your responsibility to pay. The creditors not listed can continue to pursue you for what is owed and can take you to court and garnish your wages.
There are a couple of different types of bankruptcy that can be filed. Chapter 7 is mainly for consumers who have unsecured debt, such as credit card debt. This type of bankruptcy can be settled in six months or less, depending on the amount of debt owed and whether or not there is any qualifying property available for liquidation.
Consumers also have the option of filing for chapter 13. This type is for those who have secured debt, such as mortgages or car notes. This type of bankruptcy takes longer to settle and allows you to pay off your debts over a period of two to five years.
If you’re tired of dealing with wage garnishments and harassment from creditors, contact a lawyer and learn more about your options. Through bankruptcy, you can finally be free of your debts once and for all.
