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Do you own property in Thornton or the surrounding Adams County area? Wage garnishment can make it more difficult to pay your mortgage or meet other financial obligations. With wage garnishment, staying on top of the additional debts you may already have quickly becomes a challenge. No resident of the community wishes to sit back and see their hard-earned wages disappear.
Fight wage garnishment with the help of a stellar Thornton bankruptcy attorney. They’ll fight on your behalf to find other solutions for taking care of your debts.
Wage garnishment is defined as a court-ordered process of legally withholding debts from paychecks. Some of the top reasons why people get their wages garnished in Colorado include:
Sometimes, people do not refer to wage garnishment as such. Wage garnishment may be used interchangeably with terms such as venture wage attachment or wage withholding instead. A Colorado bankruptcy attorney can best explain if your situation would best be described as one term over another.
While no two financial situations are exactly the same, the majority of cases involve fixed wage garnishment rates. In some instances, however, you may be required to pay a single lump sum payment through wage garnishment.
Many across the United States feel as if they’re living paycheck to paycheck. During economic ebbs and flows, wage garnishment can place further stress on households already stretched thin.
Wage garnishment takes wages away from individuals often already facing additional financial hardships. With lower take-home pay, it’s easy to see how the situation may snowball into further debts. What starts as a wage garnishment may turn into missed vehicle payments, falling behind on the mortgage, and looming repossessions.
You may not have to merely accept wage garnishments. There may be options available to you to stop the garnishment and allow you to get ahead.
The simplest resolution is usually the most challenging to achieve. Paying debt off is a quick and immediate solution for those who can afford to do so. This will prevent judgments from being passed in the favor of creditors in the first place, stopping wage garnishment without issue.
How you may find the funding to pay off debts varies. For instance, some individuals may get loans from friends or family to take care of their debts, while others might elect to deplete their savings in favor of settling their financial obligations. Outside-of-the-box thinking may be required to find a fitting solution for your financial situation.
Colorado citizens are sometimes able to negotiate payment plans to avoid wage garnishment. When successful, individuals pay back fixed amounts to creditors until the sum is paid in full along with any interest that has been accrued. With a payment plan, debtors can expect to pay a bit more than their original debt amount.
Some individuals choose to petition the Colorado court system to get their debts reduced or suspend wage garnishment for a period of time. Regardless of why you need to file a petition, it’s in your best interest to hire a Thornton attorney to assist you with this process to ensure it goes smoothly and you remain confident in your financial decisions.
Additionally, people can file for an exemption from wage garnishment in Colorado. This applies when individuals cannot afford to provide for themselves or their families with reduced pay, and wage garnishment threatens to significantly impact their ability to cover everyday living expenses. Situations that may call for an exemption include child support or alimony. Determining if this is an option for your wage garnishment situation is best done with the help of a bankruptcy attorney.
Another way to stop wage garnishment is to file for Chapter 7, Chapter 13, or another type of bankruptcy. When approved, these options liquidate assets, eliminate debt, formulate repayment plans, and otherwise take care of the debts by garnishing your wages. While liquidation is a scary word for some, in many cases, those who file for Chapter 7 bankruptcies own items exempt from liquidation.
If bankruptcy is a consideration, be sure to discuss it with a bankruptcy lawyer. They’ll tell you which pieces of property can and can’t be liquidated and if your situation qualifies for bankruptcy filing. Speaking with an attorney in Adams County provides a clearer picture of where your assets stand.
You may wish to take a DIY approach to bankruptcy, but this is not recommended. Bankruptcy processes can be complex, challenging, and unclear, but they don’t have to be with the assistance of a Thornton bankruptcy attorney. Stressful legal processes do not have to compound the stresses you’re already feeling due to financial hardship.
Bankruptcies are typically the last resort. If you’ve exhausted all of your other options, it could prove to be just the solution that helps you to get your head back up above water. Schedule a consultation with one of our Adams County bankruptcy lawyers today. They’re experienced in dealing with Chapter 7 and Chapter 13 bankruptcies in the Adams County region.