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    Stop Wage Garnishments by Filing for Bankruptcy

    Borrowers facing threats of wage garnishments or seizure of their bank accounts can protect their assets from creditors by filing for Chapter 7 or Chapter 13 bankruptcy.

    Borrowers facing threats of wage garnishments or seizure of their bank accounts can protect their assets from creditors by filing for Chapter 7 or Chapter 13 bankruptcy.

    Being threatened with wage garnishments is a tactic that creditors commonly use to try to compel borrowers into paying outstanding debts, and this tactic can become incredibly problematic for borrowers who may already be financially struggling to stay afloat. In fact, should a wage garnishment go into effect, borrowers can:

    • Quickly plummet into financial ruin, as they may not be able to afford day-to-day living expenses
    • Can have wages that they earned before the garnishment be affected (in other words, the wage garnishment can be retroactive)
    • Can be fired from their job if more than one creditor garnishes their cases, as federal bankruptcy laws only protect the debtor’s job in the event of a single wage garnishment.

    In such cases, it’s critical that borrowers are aware that:

    • They are in the best legal position before a creditor enacts a wage garnishment.
    • They have options that can stop creditors from threatening to garnish their wages.
    • They can stop the wage garnishment threats and process by consulting with a legal professional and filing for bankruptcy.

    Filing for Chapter 7 or Chapter 13 Bankruptcy

    As soon as a debtor files for Chapter 7 or Chapter 13 bankruptcy, a court injunction known as an automatic stay immediately goes into effect. This automatic stay prevents the bank and other creditors from:

    • Garnishing your wages
    • Seizing your bank accounts
    • Contacting you about any outstanding debts
    • Foreclosing on your house
    • Repossessing your vehicle or other property
    • Filing a lawsuit against you to try to collect on outstanding debts.

    Additionally, filing for bankruptcy can protect other sources of income you may have, including (but not limited to) your social security benefits, your retirement benefits and any public assistance benefits you may receive. As long as a wage garnishment is not related to child or spousal support claims, workers’ compensation benefits and/or disability or unemployment benefits may also be protected by filing for bankruptcy.

    If you are being threatened with wage garnishments and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

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    Contact us today at (719) 201-4527, or use our CONTACT PAGE to request your free Telephone Consultation with Andrew F. McKenna, The Bankruptcy Attorney.

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