How to Stop Wage Garnishments
You’re already deadlocked with all the monthly bills, and now, your wages have been garnished to pay off your debts. If this happens to you, you have to act now before you lose any more money. There are only three possible ways to stop wage garnishment. Here are the following approaches:
-Make a re-payment deal with the creditor. First, contact the creditor directly, or their tax attorney, and bid to make a resolution. You can inform them that you will pay off the debt on an agreed date; or you can suggest another payment plan that would be easier for you to carry on. You can come up with a compromise for lesser monthly payments over an extended period of time. This may work, but it is very hard to get creditors to concur to a deal. Through wage garnishment, they are guaranteed to get their money.
- You can go for a consumer proposal in making a legal settlement with your creditors to pay some of your debt in ways that you can afford. It is filed through a qualified tax professional and is legally binding on all of your creditors, as long as the majority agrees to it. From the time you file the proposal, the creditors must halt all actions taken against you, including wage garnishments. Make sure you hire a professional to assist you on how to stop wage garnishments.
- However, if you don’t have enough money to make even fractional payments, your final decision should be to declare for personal bankruptcy. When you file for personal bankruptcy, you consign your possessions to a bankruptcy trustee in exchange for being cleared of your unsecured debts. Since your debts will be off, wage garnishments stop. Creditors are legally necessary to end all actions against you from the instant your bankruptcy is filed; and if you are being garnished, your employer will also be informed.
If your wages are being garnished, you need to know how to stop wage garnishment in the best way possible and that is why Premier Tax Resolutions is here to help you. By securing a temporary freeze on further collection activity, we have sufficient time to analyze your situation and determine the best course of action. Let Premier Tax Resolutions stop your wage garnishment now. Fill out our form and an experienced tax resolution consultant will contact you for a free, confidential discussion. Or call us now, toll free at 1.800.554.0146!