In the times of financial uncertainty, we need to ensure that we do not suffer from any kind of financial hardships and troubles.
Wage garnishing is the most saddening thing that can happen with a citizen. Wage garnishment takes places after a creditor no longer trusts your ability to pay and gets a court judgment that you are unable to pay the debt. After getting this judgment, he again approaches the court to a wage garnishment order.
When your wages get garnished, your paycheck doesn't credit into your account. Money from your paycheck is directly given to your creditor. This is certainly one of the worst financial disasters that could happen with you.
If you really want to avoid getting into this situation, here is what you must need to know to Stop Wage Garnishment.
According to Chapter 7, Bankruptcy and Wage Garnishment, leaving a few exceptions, your wage garnishment is to be permanently stopped. The first step you should take, is to file for Chapter 7, after which you will receive legal protection from the creditors by means of an 'automatic stay'. The stay puts a halt on any kind of collection that is taking place.
If you want the wage garnishment to stop immediately, then you can go for an emergency filing. This may cost you a bit more, but it definitely buys you two weeks of time, when you can complete your bankruptcy paperwork.
The filing of Chapter 7 enquires you to make a submission of the sale of your non-exempt assets, which are included in your bankruptcy estate. Your key assets such as home equity, part of your personal property and retirement accounts are safe; however still there are a few assets that you need to sell in the bankruptcy case(s).
Stop Wage Garnishment - The money received from selling your assets, is paid to your debtors, after which you don't owe them anymore. However, this does not apply to student loans and mortgage, since the both are ineligible. Also keep in mind that a mortgage is a secured debt and hence you cannot apply Chapter 7 for it.
You may wonder if Chapter 7 would be the best choice for you. The only thing that will help you decide this is your debt condition. The most important consideration here is if you really qualify for it. In 2005, legal changes were carried out by which you can be eligible if your income is below the average median income of the state of your residency and also if you don't have any disposable income for repaying your debts.
If you are not qualifying for this chapter, you don't have any other choice than to file for other chapter, which is most preferable Chapter 13.
Wage garnishing is the most saddening thing that can happen with a citizen. Wage garnishment takes places after a creditor no longer trusts your ability to pay and gets a court judgment that you are unable to pay the debt. After getting this judgment, he again approaches the court to a wage garnishment order.
When your wages get garnished, your paycheck doesn't credit into your account. Money from your paycheck is directly given to your creditor. This is certainly one of the worst financial disasters that could happen with you.
If you really want to avoid getting into this situation, here is what you must need to know to Stop Wage Garnishment.
According to Chapter 7, Bankruptcy and Wage Garnishment, leaving a few exceptions, your wage garnishment is to be permanently stopped. The first step you should take, is to file for Chapter 7, after which you will receive legal protection from the creditors by means of an 'automatic stay'. The stay puts a halt on any kind of collection that is taking place.
If you want the wage garnishment to stop immediately, then you can go for an emergency filing. This may cost you a bit more, but it definitely buys you two weeks of time, when you can complete your bankruptcy paperwork.
The filing of Chapter 7 enquires you to make a submission of the sale of your non-exempt assets, which are included in your bankruptcy estate. Your key assets such as home equity, part of your personal property and retirement accounts are safe; however still there are a few assets that you need to sell in the bankruptcy case(s).
Stop Wage Garnishment - The money received from selling your assets, is paid to your debtors, after which you don't owe them anymore. However, this does not apply to student loans and mortgage, since the both are ineligible. Also keep in mind that a mortgage is a secured debt and hence you cannot apply Chapter 7 for it.
You may wonder if Chapter 7 would be the best choice for you. The only thing that will help you decide this is your debt condition. The most important consideration here is if you really qualify for it. In 2005, legal changes were carried out by which you can be eligible if your income is below the average median income of the state of your residency and also if you don't have any disposable income for repaying your debts.
If you are not qualifying for this chapter, you don't have any other choice than to file for other chapter, which is most preferable Chapter 13.
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