Stop Garnishments
One of the ways to stop garnishments is to file for a consumer proposal. This way, you’ll have the advantage of avoiding a situation where your creditors will sue you or garnish your wages.
Consumer proposals are excellent for people who have the funds to pay off debts. Here is a glimpse of how to file this method of stopping garnishments:
1. Think about whether a consumer proposal is what you really need to stop garnishments. There are other options to avoid garnishments. One way to determine this is by checking if your debt is above $5,000 (the maximum amount is $75,000).
2. If it reaches those numbers, meet with a licensed tax professional to gather information about your present financial state. You need to verify how much you owe, and how much you can re-pay for each month. Your hired tax professional will then evaluate the payment in relation to the total amount of your unsecured debt. Most of the time, secured creditors are excluded from your proposal.
3. At this stage of planning how to stop garnishments, your tax professional will arrange the consumer proposal for you and forward it to the people you owe money to.
4. Your next action is to wait for confirmation or feedback regarding the proposal. Usually, your creditors will accept your proposal because they’d rather acquire something through a proposal rather than accept the probability of getting nothing.
5. If there are no objections from the other camp, your proposal will be accepted by the court. You and your creditors will then be subjected to the terms of the proposal. Under these terms, interest is frozen, garnishments are stopped, and you are safe from any legal actions used against you.
6. Throughout the duration of the proposal, start making your payments. These payments will simply be moved to the end of the proposal by the tax professional.
However, stopping garnishments isn’t always straightforward that’s why you need the guidance of a tax professional. At Premier Tax Solutions, we will apply for a suspension of this action; we exercise all the possible legal means to reduce your debt. To find out how we can help stop your wage garnishment, call us toll-free at 1-800-554-0146 for a complimentary and confidential examination of your case. You can also send us an email outlining your situation using our convenient online Contact Form.
Get in touch with us today and stop garnishments at once!
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