How To Stop Garnishment
If you have fallen behind in your monthly payments and your lender or creditor has demanded that you pay a wage garnishment, it can be difficult to stop it. While wage garnishments are commonly used as a method of repaying outstanding debts and to protect the lender from the risk of letting the borrower default on the debt, they can also be issued for other reasons. With some creditors, a creditor may also choose to issue a wage garnishment if you have filed bankruptcy. For this reason, it is important to understand how to stop garnishment before your wage is sent directly to the creditor. In some cases, it may not be easy to know how to stop garnishment. If you are able to negotiate with your creditor, the creditor may be willing to accept a payment plan that will allow you to pay back the debt over time. In most cases, it is also helpful for you to get help in order to defend yourself against the wage garnishment. There are several options available to you when it comes to fighting back against a creditor. The following are some options you can consider:
Automatic Stay – In most bankruptcy cases, an automatic stay is issued by the court order for the debtor. This means that the garnishment will not go into effect until a specified date. The automatic stay prohibits the creditor from contacting you, and it also stops all collections efforts. If your bankruptcy case goes to trial and you lose, this option will help you get reprieve from the automatic stay. Court Order – A court order will specify that the garnishment will occur and the wages will be automatically transferred to the bank account of the creditor. This is one of the easiest methods to stop a creditor from contacting you and can often be accomplished without assistance. However, in some cases, especially when you have just filed bankruptcy, you may need to consult a lawyer to make sure that your rights have been protected.
How To Stop Garnishment By Settling
Debt Settlement Agreement – If you do not want to pay the full amount of your debt, and the payments would cause you financial hardship, you can seek a debt settlement agreement. A debt settlement agreement is usually offered through a bankruptcy lawyer or other legal professional. You and your creditor will work out a payment schedule that will allow you to pay your debt over time. The creditor will then inform the court that you have reached a settlement and request that the garnishment is stopped. If your lender agrees, the garnishment will stop. For more information on how to stop garnishment for federal student loans and other private student loans, contact a student loan debt relief program. They can offer you a free consultation by calling : 855-703-4226 and financial calculators to help you work out a repayment plan. There are also many resources available online, including live help and answers to frequently asked questions. You can learn about the different options for repayment and learn how to lower your monthly payments and reduce your interest rate as well. Remember there is 20 years statue of limitations in regards to garnishment so its a long time call us for assistance.