How Much of My Pay Can be Garnished?

We’ve been talking quite a bit in 2019 about wage garnishment. This is because wage garnishments tend to spike with every new year as holiday bills begin to mount. If you’re struggling to pay your bills now, you might be facing a future wage garnishment. If you are, you’re probably wondering how much of your take home pay can be garnished.

Fortunately for you, federal laws restrict the amount of money that can be garnished from your paycheck. Even still, it’s going to sting.

What the Law Says about Wage Garnishment

Whether you live right here in Denver, Colorado or in the surrounding areas of Littleton, Aurora, Centennial or throughout the Denver metro area, the same law that protects the rest of the country protects you.

According to federal bankruptcy law, a creditor can get a court order to deduct 25 percent of your disposable earnings, or the amount of your disposable earnings that exceeds 30 times the federal minimum wage.

If you have problems paying your bills now, imagine having 25 percent of your paycheck garnished.

Ouch.

The fact is, wage garnishment is supposed to hurt. This is the creditor’s way — with the court’s oversight — of getting you to get your financial act together.

When you can’t pay your bills and you ignore creditor calls and collection attempts, a garnishment order might apply enough pressure to get you to change your ways.

For one, you won’t be able to get new credit, such as tempting credit card offers or a car loan.

For another, you might face the loss of your job if you have multiple garnishment orders in effect. This is because your garnishment order is an expensive pain in the neck for your employer.

If you do lose your job because of multiple garnishment orders, you might not be able to find a new job.

What can you do to stop this downward cycle?

Take action now.

Contact Me ASAP to Discuss Your Wage Garnishment

Here’s the bottomline: if your wages are being garnished now, your debt problem is only getting worse. Your job and your family could be at risk.

Don’t sit around letting this situation get worse. There are solutions for you.

Give me a call at 720-605-4347 or click to schedule a FREE bankruptcy consultation. We’ll take a look at your finances, your wage garnishment order(s) and discuss your best options for getting out of debt and getting a fresh start to a sound financial future.

 

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