We all know that "Money Doesn't Grow on Trees", right? When we work hard all week long, we want to be able to see the fruits of our labor. When creditors garnish your wages, it can be devastating.
Is there anything you can do to stop a wage garnishment?
Yes you can. Here are 3 things you should know to stop wage garnishment:
1. Your wages can't be garnished if you take home less than your state's minimum.
Usually, when your employer receives a NOTICE OF WAGE GARNISHMENT, it usually has your state's formula for determining how much or if, your income is subject to garnishment.
If you are employed for example in Oregon, and our NET AFTER TAX or TAKE HOME IS $218 or less, then your wages are exempt from garnishment!
2. If your income is subject to garnishment, you may be able to work out a repayment plan with your creditor that is less than what the garnishment would be.
If your income is greater than $218/week, then 25% of your NET INCOME would be withheld by your employer and sent to the creditor per the Writ of Garnishment.
You should contact the attorney for the creditor (it is on the summons or writ of garnishment you received) and see if you could negotiate an amount for less. Some creditors may be willing to work with you.
We have had great success in the past helping people with wage garnishments, and working out a STIPULATTED AGREEMENTS in lieu of garnishment.
3. Your income may be EXEMPT FROM GARNISHEMENT if it comes from one of the following sources:
- Social Security
- Retirement Income
- Disability Benefits
- Worker's compensation
- Spousal Support or child support
- Elderly rental assistance (ORS 310.6355)
If you are not sure if your income is exempt, we may be able to help. Give us a call today at 1-877-492-4109 or simply click on the link below for more information!