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Wage garnishments are one of the worst-case scenarios when your debt gets out of hand. If a creditor sues you and wins in court, they can garnish your paycheck and your bank account simultaneously, within 30 days. They are capped at the amount they can take from your pay depending on your specific circumstances, but they are able to capture everything in your bank account that is not exempt (social security/disability/etc).
It is possible for a creditor to take up to 25% of your paycheck before it is direct deposited into your account. Then, when your check is direct deposited and mingled with the other funds in your account, they can empty your entire bank account with the rest of your paycheck.
Once that happens it is incredibly difficult to get out from under that debt. You don’t have the funds to pay an attorney to fight it or file bankruptcy because it is all tied up by your creditors. And the bad news is garnishments can run back to back to back. So once one creditor is paid off, the next in line can do the exact same thing.
If you are being sued it is imperative that you speak to an attorney. Bankruptcy can stop all judgments and garnishments before your money is taken. We have had one too many calls where someone’s paycheck was garnished, bank account was emptied, and they don’t have enough gas money to get to work. Please call us as soon as you are served with a lawsuit to avoid the garnishment rollercoaster.
We guarantee you will be glad that you did.