Garnishment can be a nightmare. Without much warning, you can wake up to find your account overdrawn or part of your wages missing from your paycheck. A garnishment is a way for a creditor to receive repayment for a debt that you owe. If you have debt, it is important to know who can garnish your wages or bank accounts. This way, you can work on taking care of these debts immediately before a garnishment is ever started against you.
- Student Loan Debt: Student loan companies consider your account to be in default if you have not made payments on your student loans in 270 days. This of course, does not apply to those individuals whose student loans are in deferment or other type of relief. Once you are in default, your wages can be garnished by 10% each check.
- Child Support: Child Support garnishments are usually extremely high, in some cases up to 60% of your check. If you are behind on child support payments, the time to act is now! There are several options to get current, including entering into a payment plan or filing for Chapter 13 bankruptcy and paying your arrears through your bankruptcy plan.
- Creditors: If a creditor has entered a final judgment against you, they can begin a garnishment process any time for the next 20 years from the date of the judgment. Wage garnishments from a creditor are 25% of your check. Ignoring a lawsuit does not make the debt go away and just because they haven’t acted on attempting to collect. They can attempt to collect on your wages or bank accounts at any time.
Debt can be overwhelming but you don’t have to handle it alone. At the Law Offices of Alberto H. Hernandez, P.A. we provide individuals with the best debt relief options, including debt settlements, wage garnishment defense and bankruptcy. If you are currently behind on any of your accounts, do not wait until a garnishment has been started against you to see an attorney. Take action, and let us help you find your best solutions to obtain peace of mind today.
