How Can I Stop a Wage Garnishment?
Stopping a Wage Garnishment
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How to Stop a Court Ordered Wage Garnishment
A wage garnishment is a legal procedure that allows creditors to take a certain amount of your pay each pay period and many people facing this scary situation wonder how they can stop a garnishment of their wages. You can only stop by negotiating an agreement with your creditors or with another legal procedure such as bankruptcy or a consumer proposal.Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation
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How to Stop a Wage Garnishment
You can stop a garnishment of your wages yourself by making a deal with your creditors for repayment. Not all creditors will agree to this but if you can reach an agreement with all of your creditors you can stop the wage garnishment and avoid bankruptcy. If you are unable to reach an agreement with your creditors, you will have to seek professional assistance for stopping your wage garnishment. A bankruptcy trustee can help you stop a garnishment with a consumer proposal or by filing bankruptcy. Which method you use will depend on your financial situation; a bankruptcy is usually best for people with little income and few assets, while most debtors seeking to stop a wage garnishment with a consumer proposal have a higher income and likely more assets.What Do I Do If I am Facing a Wage Garnishment?
If your creditors are threatening a wage garnishment order against you it is important that you take immediate action to prevent losing part of your next pay. The first thing you should do is to attempt to reach an agreement with your creditors on repaying the debt. If this does not stop your wage garnishment you can speak to a bankruptcy trustee to learn more about going bankrupt or filing a proposal. Only a bankruptcy or proposal will end a wage garnishment if you cannot reach a settlement agreement with your creditors.Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation
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If your creditors or a collection agency are threatening to garnish your wages you should act quickly. There are debt relief options available to you that can help with your debt problems and also ends a garnishment of your wages so you can get a fresh start. Filing bankruptcy gives you a fresh start and allows you to keep all of your salaried earnings.BANKRUPTCYCANADA
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