If you can’t pay the money you owe, creditors may take steps to garnish your wages and withdraw money directly from your paycheck. In most situations, both federal and Ohio state laws limit garnishment to 25% of your wages, and most creditors must file a collections lawsuit in court and receive a monetary judgment first. But once the courts give them this judgment, creditors can keep collecting money from every paycheck until the... CONTINUE READING
If you owe money and your creditor gets a judgment against you, that creditor can garnish your wages to receive either 25% of your disposable earnings or your disposable earnings less 30 times the current federal minimum wage. Under some circumstances, a creditor may be able to take more. Not only will this leave you short of income, but garnishment can affect your employment situation, since complying is a hassle for employers. Employers who receive a garnishment order must deal with paperw... CONTINUE READING
Bankruptcy is a legal process that is designed to help you recover financially after you go so deep in debt that you have no effective way to pay off what you owe. When used properly, it can give you a fresh financial start. Typically, people declare bankruptcy as a final measure when a...
