Lawsuits from your creditors can come from a variety of sources and at a variety of different times. Sometimes a creditor may receive a judgment against you without you even being aware of it! A judgment doesn’t mean that all hope is lost, however, it does mean that the creditor holding the judgment has more power in attempting to collect their debt from you by way of lien, garnishment, or property recovery.
Garnishments are an order from the court granted to a creditor to allow them to either withhold money from your paychecks each pay period or withhold and seize all available funds in your bank account. Garnishments issued by the court last about 6 months, but they can be renewed if the debt is not paid. Ways to prevent and stop garnishments include:
- Pay in full
- Negotiate a payment plan
- File a motion for installment payments with the court
- File for bankruptcy
At this point, you may be wondering “which of these should I do to stop my garnishment?” Well, that can be tricky depending on your current financial situation as well as what your short and long term goals may be. Here at Maxwell Dunn, we will assist you finding out the most efficient way to stop your garnishment and work with you in reaching your goals. Give us a call today at (248) 246-1166 to discuss getting that garnishment taken care of once and for all!
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