A wage garnishment is a common, yet devastating, tactic used by creditors in an attempt to collect a debt. A garnishment can remove up to 25% of your paycheck (or up to 65% if it is for child support)from your family. A garnishment can be absolutely crippling, leaving your family needing protection from foreclosure, credit card debt help, or worse.
When does it stop? Most creditors will continue to garnish your wages until the debt has been paid in full. To get a garnishment, creditors must get a judgment against you that grants a garnishment for 60, 90, or 180 days. That does not mean, however, that your creditors stop after it expires. A creditor will often renew the garnishment if the debt has not been paid in full. If the debt has been paid off, many times a second creditor will be waiting in line and their garnishment will start after the first one ends.
If your wages are being garnished for a tax debt, you could be in a worse position. You see, the federal government is not a typical creditor. They can garnish your wages without going through the court and their garnishment has no expiration date. In addition, they can go after your bank accounts and personal property and even put a lien on any of your real estate.
"James, it doesn't seem like wage garnishments have an end at all! What can I do to protect my paycheck and continue to put food on the table for my family?"
In fact, wage garnishments can have an endand that end can be in the near future. Your wage garnishment can be removed and your debt can stop controlling your life if you file for Missouri or Illinois bankruptcy. You can finally get a handle on your debt AND stop your creditors from taking any more action against you.
Filing bankruptcy doesn't just mean that you can finally control your debt and get a fresh start on your financial future; it means that you can celebrate your freedom from wage garnishments, nasty creditor calls, and the fear that your home or car will be taken from you. Remember, doing nothing changes nothing. The ability to create a solid and secure financial future for your family is finally under your control.
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