Stopping A Garnishment, Creditors & Taxes
Just the title of this article is enough to make you get a sinking feeling in the pit of your stomach. Relax, because this article is actually going to bring you good news about stopping garnishments. You can stop payroll garnishments that have already begun on you, and you can stop future garnishments from happening. People do not have to accept and live with a garnishment against them.
If you have found yourself in a financial situation that prevents you from paying your obligations to your creditors the way you had originally agreed, then you need to consider filing bankruptcy online. Right now if you are behind in your bills your creditors are probably calling and sending threatening correspondence to you. You may even have been threatened with or had a payroll garnishment begun. Filing Chapter 7 can reverse and stop these garnishments.
Immediately when you file Chapter7 bankruptcy a stay goes into action that stops creditors, right where they are. They cannot add any more charges to your account the amount you owe is frozen right where it is. They cannot garnish your wages or repossess your property, if they are already garnishing your wages the garnishment will cease until after the bankruptcy hearing. Once the debt is discharged they cannot reinstate the garnishment.
If your financial difficulties include tax related problems, you can still find relief from the filing of Chapter 7. Federal and state taxes may both be eligible to be discharged under the Chapter 7 bankruptcy regulations.
Chapter 7 was designed to help people get out of bad debt situations like garnishments. This rule even applies if you to IRS garnishments. The IRS must follow all the rules just like every other creditor. You may very well be debt free to the IRS when the Chapter 7 bankruptcy discharges taxes you currently owe. You even get a fresh start with the IRS after bankruptcy.
A garnishment by the IRS or for student loans can really mess with your finances. When the garnishment begins your employer will be instructed to take 25% of you pay that is left after deducting all your social security, and taxes. They take the money from your take home pay and this causes you to be unable to pay all of your other obligations and provide food and shelter for you and your family.
Having your wages garnished is embarrassing as well as devastating financially. A garnishment comes from your pay before you get your check, so this means the secretary or whoever handles payroll at your place of employment has to know all your personal financial business. No one wants other people to know all their business. That is not the way to have to live.
People often beat themselves up when they find they have gotten into financial trouble. When a creditor starts proceedings to garnish their wages they feel like they have lost, and that they are going to have to pay for their bad decisions or bad luck. This is just not the truth. Filing Chapter 7 can stop all the garnishments and give you a new fresh start in your credit life.
Financial woes should not rule your life. Bad things happen to good people, but luckily there are good things out there to overpower the bad. Chapter 7 is a good thing that overpowers bad debt and gives you a second chance.
A lot of people assume that when they file Chapter 7 they will have to lose all their property to the bankruptcy estate. That is not accurate many different things are allowed to be exempt from a bankruptcy liquidation. Most people do not have to sell their homes, or their cars, or relinquish the cash value in a life insurance property or turn over their 401K.
Each state has slightly different rules about what is and what is not exempt. There are also federal rules on things that cannot be liquidated in a bankruptcy. When there is a discrepancy between state laws and federal laws the federal laws over-rule the state laws.
Filing online bankruptcy is easy and convenient. Even if you have not made the final decision to file you can check out your eligibility, and see what benefits you might gain from this course of action.
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