What are wage garnishments and how can you deal with them when it comes to your finances? WSFL Trusted Advisor Chad Van Horn has important information on what you can and should do if your wages are garnished.
Wage garnishments mean rather than working to keep your paycheck, you're working for a creditor. Just 25% of your income equates to ten hours of your workweek that will go straight to creditors, rather than into your pocket.
Van Horn says the best thing to do is avoid it at all costs because once it starts it's very hard to stop. Reach out to the companies you owe and see what options are available. You can also speak to a bankruptcy attorney about lowering rates, payments, and even the debt itself.
Bank account garnishments are one of the scariest things that can happen to you, he says. You lose access to your money, and any checks that you've sent out can bounce. Getting out of it is possible through exemptions, like if you're the head of the household or you have exempt income.
For more information, you can head to https://www.vanhornlawgroup.com/.
