Having financial issues is certainly a horrible situation, especially when your wages are being garnished and tax levies are put on your head by the IRS. However, you can put a stop on your existing garnishment or tax levy on your bank account with the assistance of a bankruptcy attorney. As per the law, a bankruptcy law attorney can help you put an end to your financial headache.
Basically, there two types of garnishments and they are:
- Wage garnishment
- Bank account garnishment
A wage garnishment it’s the method of collecting money on a debt where the lender takes back the money directly from the paycheck of the debtor. However, in order to take this action, the creditor must get a judgment in state court against the debtor. Also, the creditor must apply for a writ of garnishment (an order from the court) and that has to be sent to the debtor.
Once the writ of garnishment is received by the debtor, owed money will be deducted from the debtor’s paychecks until the full amount of debt is paid. There is a certain limit on the amount of money that can be taken out of the debtor’s paycheck by the creditor.
The limits can vary based on these factors:
- The type of debt
- The state law
A bank account garnishment allows the creditor to deduct money from the debtor’s bank account in case the owed amount is not repaid. Here also the creditor has to go through the state court’s judgment to obtain a bank account garnishment just the way a creditor would for a wage garnishment. Once the permission is given, the creditor can take a certain amount out of the debtor’s amount every month until the debt is paid in full.
The best way to protect yourself from all these headaches is by working with a highly experienced bankruptcy law attorney. You would have to file bankruptcy under Chapter 7 or Chapter 13. Once the petition is filed, your lawyer will guide you regarding what to do to stop the garnishment.
When it comes to consulting the professionals regarding your issues, it’s important to contact the ones who are highly experienced and reliable as well. Likewise, when it comes to hiring a lawyer, you must choose the best one.
Jerome C Payne Law Firm can help you eliminate financial issues if you allow us to. We have a highly experienced team who can work on your case. Once you file your case, we will start working on the matter. We will do the best we can to prevent hassles from coming your way and handle the process efficiently.
Jerome C Payne would be happy to help you regarding the garnishments & tax levies matters. All you have to do is; get in touch with our team for a consultation with your lawyer.