After debt becomes extremely delinquent, the creditor often chooses to sue the borrower and win the right to garnish their wages and/or bank account. But what happens when a debtor has a joint account with someone who is not responsible for the debt? Well, since the debtor's name is on the account the creditors have [...]
Avoiding harsh collections actions such as bank levies, wage garnishments and other asset seizures is one of the reasons that many debtors file bankruptcy. But one of the problems with this motivation is that the bankruptcy is usually filed right on the eve of such seizures, creating a situation where seizures may happen after the [...]
Steps To Wage Garnishment When a debtor falls behind on their credit card bills, aggressive collections actions such as wage garnishment don't happen overnight. The road to wage garnishment and asset seizures often takes months or even years. Below are the steps a creditor takes before they garnish your wages. The creditor will begin calling [...]
If a debtor has become delinquent on their debt payments for long enough, creditors will eventually file a lawsuit against them and may win a judgment. With a judgment in place the creditor can garnish wages and get the right to use non wage garnishments which typically means they will seize bank accounts. If a [...]
How to Fight a Wage Garnishment If you're significantly delinquent on your debts then you're probably at risk for a wage garnishment. Creditors are becoming more aggressive when it comes to collecting on even small amounts of debts and wage garnishment is just one of their many collection tools. Texas Wage Garnishment Law Wage garnishments [...]
Being in debt can be stressful and overwhelming; but no matter how much you are tempted to ignore the problem, you must be proactive. Below are three things you must to if you have defaulted on your debt: Read the notices you receive from your creditors. Even if you know you can't make a payment, [...]
The IRS has wide reaching powers to collect on delinquent tax debt, which includes levies, wage garnishments and liens. But if you're drowning in tax debt , there are a few things you can do to resolve your tax debt issues. Things you should do immediately to handle your tax issues: Contact the IRS immediately. [...]
Under bankruptcy law, debtors can discharge certain types of tax debt in Chapter 7 bankruptcy or Chapter 13 bankruptcy. However, if a tax debt is secured by a lien against your assets, you will not be able to use bankruptcy to get rid of the lien. Rules that apply to discharging taxes in bankruptcy: You [...]
Texas law allows student loan lenders and government agencies to issue wage garnishments against debtors who have defaulted on their debts. Facts you should know about student loan wage garnishments: The law requires that a student loan lender send the debtor a written notice to their last known address at least 30 days before they [...]
One of the issues that often cause debtors' financial problems to worsen is that they many are looking for quick and easy solutions to very complicated debt problems. This is a weakness that many debt settlement companies and foreclosure "specialists" prey on to bilk debtors out of their money. Both debt settlement companies and foreclosure [...]
