The process by which a creditor uses debt collection tools to collect their money from your salary through your employer is known as wage garnishment. Another thing that may trigger wage garnishment is when one parent is not willing to support their children probably after birth or even in some cases after a divorce. The creditor has full control over how much money they need to be deducted from your salary and you can do anything about it. Most people become financially instable especially if their salary is the only source of steady income. At times people borrow a lot of money without plans on how they are going to pay them back. For more info below are incredible tips that will help you avoid wage garnishment as you raise the money to pay your debt.
Asking for more time is good as it is going to enable you pay your debt. Four months is a lot of tie to help you devise a strategy to pay your loan. This time allows you to collect yourself together and get the best strategy that you will use to clear your debt after which if the period is over before proving you can pay, you are susceptible to wage levy. While you ask for more time, you can also request that you be allowed to pay the money in small quantities based on the amount that you and the creditor will agree. Once you agree to pay the debt in installments, you are given a period of time by which you should have completed depending on the amount of money that you owe the creditor. Failure to paying the full amount of money by the stipulated time will automatically trigger a wage garnishment and this is not very good if all you depend on is your salary. For more info on wage garnishment, click here.
Filing for bankruptcy is another trick that can save you from wage levy. Denial of the petition by the court gives the creditor the authority to impose a wage levy on you. You are also allowed to request that the wage levy is not imposed on you by filing for a non-collectable status. At times when you and your partner decide to pay taxes together but in the course of your marriage something like divorce happens you can file for innocent spouse relief. This is a great way to show that each partner is capable of settling their own debts. Read here for more info on how to avoid a wage levy.
If you did not receive a warning before the levy warrant, you can tell the debtor that you did not receive a warning and you may require more time. You are free to write to the debt collectors telling them that may be a mistake so that you are able to buy more time to pay your debt. For more info ensure you read here.