You work hard for your money and you are barely able to make ends meet. A creditor has obtained a judgment against you and has begun garnishing your wages. Money that you need for your kid’s dentists visits and other important purposes is being withdrawn from your pay before you even get it. What can you do to stop the garnishment?
There are generally 4 things one can do to stop a garnishment.
- Pay off the judgment in full in exchange for a written release and an acknowledgment by the creditor that the judgment has been fully satisfied. This option, although “neat and tidy,” may be unrealistic if you don’t have the money to satisfy the judgment.
- Negotiate a settlement or reduced amount and pay that in a lump sum or over time. This option may not be realistic because the creditor may have little or no incentive to negotiate a compromise with you. Remember, the best time to negotiate a reduced payoff amount is before the creditor gets a judgment.
- Quit your job so that there are no wages to garnish. This option may fall within the “cut off your nose to spite your face” category — a needlessly self-destructive over-reaction to the problem.
- You could file for bankruptcy protection, get a discharge of the underlying judgment, and stop the garnishment permanently. Bankruptcy is a big step and requires consideration of a lot of different factors that should be considered in consultation with a competent legal advisor.
If your wages are being garnished and you would like to explore your options, call my office at 914-385-1032 to schedule a free 30-minute consultation.
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We are a debt relief agency, we help people file for Bankruptcy under the Bankruptcy Code. This Blog is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney-client relationship between you and the Blog publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.