The #1 Thing to Know About Garnishing Wages

If you’ve gotten to the point where you’ve stopped paying your bills, you may be wondering can creditors garnish your wages?

The answer is yes, creditors can garnish your wages. This news can be difficult for debtors to hear, but the good news is that creditors can’t start taking money from your paycheck immediately.

Have you’ve fallen behind on a loan, stopped paying your credit card or medical bills? For the majority of debts, creditors have to sue you and obtain a court order before they can begin garnishing your wages.

However, there are some types of debt that don’t require the creditor to obtain a court order before they begin garnishing your wages. These debt types include:

• Alimony / Child Support
• Student Loans
• Back Taxes

The amount that will be garnished will depend on your income, how much debt you have and how many dependents you have. If your wages are being garnished by the IRS, they’ll send you a notification. From there, your employer is required to provide you a copy of your garnishment paperwork.

Falling behind on debt is stressful. And, going up against creditors is a big undertaking! This is one of many reasons why you want a qualified, experienced attorney handling it for you.

To learn more about debt settlement, reach out to us today at (405) 801-2515 for a free consultation.

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The Process of Chapter 7 Bankruptcy

Financials already difficult to manage. And when you find yourself at a standstill facing bankruptcy, it’s easy to feel trapped. While you’re already struggling to pay living expenses, it seems any money you’re able to put towards your debt barely scratches the surface. So how do you take down a mountain that’s continually growing?
The public perspective surrounding bankruptcy is often a negative one, but in actuality, gives the debtor a new opportunity for a financial fresh start. Stopping garnishments, lawsuits and all other attempts to collect debt are just a few of the benefits. And the myth that it ruins your credit is just that. After you file a Chapter 7 bankruptcy, your credit rating will start improving upon discharge and you should be able to purchase a car or home at a traditional rate within two years.
Wondering how Chapter 7 works? There’s nothing we love more than helping people get their lives back. Give this article a quick read and give us a call at (405) 801-2515 with any questions you may have.

Before You Begin
To qualify for a Chapter 5 bankruptcy, you must show you’ve received credit council from an agency six months prior to filing.

File a Petition
When you file, you must complete a bankruptcy petition, a number of schedules containing detailed information about your finances, and Means Test form.

Complete the Means Test
Here, you’ll compare your household income to the Oklahoma median. If it’s less than the median, you’ll be eligible to file for Chapter 7. If not, you still may qualify but will have to provide detailed information about your expenses and debt payments.

Submit Local Forms
Some courts may require bankruptcy filers to complete local forms. If yours does, contact the bankruptcy filing clerk, some may even be online.

File in the Correct Court
In Oklahoma, there are three judicial courts. You have the option to file under where you’ve been living in the 180-day period prior, or the district your home is located. In most cases, you’ll be required to appear before your case trustee to answer any questions about your finances.
Western District - Oklahoma City
Northern District - Tulsa
Eastern District - Muskogee

Explore Your Exemptions
Before you finish, you’ll want to explore your options for exemptions. These exemptions allow you to protect property from bankruptcy. Under state law, Oklahoma residents may elect to claim the following items:

Property up to 160 acres

Personal injury claims up to $50,000

Household furnishings

One motor vehicle up to $7,500

Trade tools up to $10,000

Clothing up to $4,000

Wedding rings up to $3,000

Firearms up to $2,000

Cash value of insurance policies

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