Filing chapter 7 bankruptcy could stop wage garnishment
On behalf of Bankruptcy Law Firm of Clare Casas on Thursday, October 29, 2015.
Millions of Americans are turning to bankruptcy as a way to fix their negative financial situation. This is done for many different reasons that often have nothing to do with being fiscally irresponsible. Individuals and their families who are living in Florida are facing more debt than ever before due to unforeseen circumstances.
If you are facing the loss of a job or a sudden medical condition, you might also find yourself up against a mountain of debts that is continuing to grow at an alarming rate. This can make a tough situation even more debilitating. To add further insult to injury, many people have their wages garnished to pay their debts.
When you are already struggling to pay the bills, having your wages garnished is a major setback. Many who cannot work or have lost their jobs turn to their credit cards to pay bills with the good intention of repaying the line of credit. This, unfortunately, does not always happen — especially when the person’s wages begin to be garnished.
Filing for chapter 7 bankruptcy might stop the garnishment of your wages and help you to get back on top of your finances once again. Unlike chapter 13 bankruptcy, there is no plan of repayment outlined with chapter 7 bankruptcy. Instead, debts are resolved by gathering and distributing the assets of the individual, partnership or corporation.
If you are having your wages garnished, filing for chapter 7 bankruptcy could help. If you have additional questions, speaking to an experienced attorney could be beneficial.