What is a Garnishment?
What You Need to Know About Garnishments
There are two types of garnishment: wage garnishment and non-wage garnishment. A Kentucky wage garnishment is when a creditor sues you for unpaid debt that you owe and obtains a judgment against you. Once there is a judgment against you, the creditor obtains a court order which requires your employer to take out a portion of every paycheck that you receive (which goes directly to the creditor) until your debt is paid off in full.
This can cause devastation for those who are already in debt since it creates a situation where there’s even less money to pay their bills. A Kentucky wage garnishment can often be “the straw that breaks the camel’s back,” as most people don’t realize that a creditor can take 25% of their paycheck in order to collect on a past debt.
Imagine working hard all week long and then bringing home less than 50% of your income after insurance, taxes, and a 25% garnishment are taken out of your paycheck. With interest and attorney fees, this means that a Kentucky wage garnishment could continue for years.
A non-wage garnishment gives your creditor permission to directly tap into your bank account, which means that they can take some or all of the money in your account. Imagine having a couple thousand dollars in your checking account, and waking up one day to find out that all of it is gone. It’s frightening, but it’s possible to stop it before it happens!
Call Attorney Tracy Hirsch today at (502) 435-2593 to find out how filing bankruptcy can put a stop to your garnishment judgment!