Have you or someone you know recently suffered from wage garnishment? If so, you can understand the pain and frustration that goes along with losing part of your paycheck each month. The good news is that there could be a way out. An experienced Ft. Myers bankruptcy lawyer to find out how filing for Chapter 7 bankruptcy could end your wage garnishment in the near future.
The Automatic Stay
Chapter 7 bankruptcy offers people a form of protection known as the “automatic stay.” This stay requires creditors to stop harassing you or attempting to make collections from you. This means that wage garnishment must immediately stop as soon as you file for bankruptcy. If you are in extremely urgent need you may want to file an emergency filing, which can offer you an additional two weeks.
Another benefit of Chapter 7 bankruptcy is the safety net it sets up for the immediate future. Chapter 7 should satisfy all of the debts you owe, making sure there is no need for wage garnishment in the future. You will be required to liquidate and sell some of your assets, but your wages will no longer be available to your creditors.
Understand Chapter 7
Filing for Chapter 7 bankruptcy solely for the benefit of stopping wage garnishment is not advisable. It is suggested that you talk with a bankruptcy lawyer in order to fully understand what the rules and regulations of bankruptcy are, and to discuss your other options. There are a variety of requirements that must be fulfilled in order to file. Two of the major qualifications are as follows: Your income must fall below the median income level in the state you reside, and you must have no disposable income to repay your debts after required obligations are fulfilled.