Lets just say i own 4 grand in Credit Cards charges say they send in for ganishment of wages... How do they do that, say i make 700a week, do they take my whole week pay check or do they take a certain about from my check per week? Give me some example, exspecially if you experienced this one on one with yourself. What did they do to your pay and what percentage did they take out your check?
2007-07-13 06:25:21 · 7 answers · asked by Conspirisea 1 in Business & Finance ➔ Credit
Well lets just say i got the card when i was 18, im not 26 and still owe the full 4 grand i had got into my stupid yrs of my life and decided it wouldnt be good to pay my bills but now im paying for it in the long run, its been a long time since i paid them, and i did just hire a debit relief company, but the cc ppl are treatning, to garnish my wages... :(
2007-07-13 06:57:44 · update #1
I live in Michigan
2007-07-13 07:00:43 · update #2
They will not receive a garnishment w/ an unsecured debt. It's a threat to make you pay or make arrangements to pay. But I would seek credit counseling and work out a payment plan. It will help you in the long run, as interest is piling on at a rate that will make you shudder. And, it will go to "charge-off" and that will be on your credit for a long, long time.
2007-07-13 06:46:49 · answer #1 · answered by Anonymous · 3⤊ 3⤋
You got some good answers, and one very wrong answer.
ZinaRae is absolutely wrong....in most states they will garnish you for unsecured debts. And that does include Michigan.
The link I supplied below has all the info you need about Michigan's garnishment law. Look near the bottom as there is actually a worksheet so you can figure out exactly what you will end up paying.
Note also that only one creditor may garnish you at one time. The rest have to stand in line. No more then 25% of your "disposable" income (after taxes are taken out) can be garnished.
2007-07-13 16:26:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Garnishment is the same all over. The courts will assess your income level and determine what is a fair amount of money to be withheld from each check. They don't take all of it, since they know you need to live. However, don't expect them to allot you any MORE than you need to 'just live'.
You will probably be held liable for far more than $4000. Interest accrued and the legal expenses of obtaining the judgment and writ of garnishment will be added to the amount you owe.
Time to bite the bullet and pay up, and the sooner the better. The longer you let it go, the more interest that will accrue.
2007-07-13 15:40:35 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
The attorney who has the judgement against you would file a motion for garnishment of wages. This would go thru your HR department where you work. No, they will not take your entire pay, most states allow up to 20%. Make sure you ask them for a copy of the judgement. If they don't have one, then this is past the statute of limitations and you owe nothing.
2007-07-13 15:39:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They go to court and have a judgement declared. File a lien against you and if it's legal in your state, begin garnishment. EACH STATE IS DIFFERENT in if garnishment is allowed and HOW MUCH is allowed to be taken from a paycheck. It is always a percentage usually no more than 30-40 unless you are talking child support.
2007-07-13 13:30:04 · answer #5 · answered by wizjp 7 · 0⤊ 0⤋
When garnishment is allowed by a state, a company has to usually file a judgement against you. Most states that have garnishment laws specify that all garnishments together may not equal over 25% of your take home pay. Please check your state laws.
2007-07-13 13:56:57 · answer #6 · answered by JT 2 · 0⤊ 0⤋
before they can garnish your wages they first have to sue you (file a complaint) and get a judgment. after a judgment is received then they can garnish 25% of your paycheck until paid in full. they can also look for bank accounts and garnish bank accounts.
2007-07-13 13:55:59 · answer #7 · answered by Fun N Sun 4 · 0⤊ 0⤋