Life & Debt: A Fresh Approach to Achieving Financial Wellness by Tayne Leslie

Author:Tayne, Leslie [Tayne, Leslie]
Language: eng
Format: epub
ISBN: 9780986349515
Publisher: Gateway Bridge Press LLC
Published: 2015-01-26T22:00:00+00:00

Wage Garnishment

If you are employed, wage garnishment is one of the first methods collectors will use to repay your debt after a judgment. If legal in your state, garnishment means a percentage of your wages will be deducted from your paycheck and sent to a sheriff or marshal acting as the collector for the collection agency. This will continue until the debt is repaid. Your employer will be notified but you cannot be fired due to wage garnishment.

You can object to wage garnishment by requesting a court hearing. A judge will then have to rule before your paycheck is garnished. You can also contact the creditor directly to try to work out a payment plan that does not involve garnishment. In my experience creditors who receive a wage garnishment are unlikely to work out a separate deal with you, however, it does not hurt to try.

During a wage garnishment, interest is still accruing on the debt and you could end up paying nearly double the original amount by the time you are finished.

The following is a list of income exempt from wage garnishment. If any of these are being garnished by your employer, ask a debt resolution expert for help:

• Public assistance

• Social Security

• Supplemental Security Income (SSI)

• Veterans benefits (VA)

• Child support

• Spousal maintenance

• Workers compensation

• Unemployment insurance

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