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Essential Tips That Will Assist You Evade the Trauma of Wage Levy
The process by which a creditor uses debt collection tools to collect their money from your salary through your employer is known as wage garnishment. A wage levy may also be imposed on you for failure to offer child support as a parent. You may at some time have not control over what amount of money that is going to be deducted from your salary and neither is your employer. For those whose salary is the source of steady income, most people struggle financially. It good to have a good payback strategy once you have borrowed some money from creditors. You can read below for more info on how to avoid wage levies.
Asking for more time is good as it is going to enable you pay your debt. After asking for more time, you are given roughly four months which amounts to one hundred and twenty days and you can avoid wage levy if you manage to pay the creditor within the given time. This time allows you to collect yourself together and get the best strategy that you will use to clear your debt after which if the period is over before proving you can pay, you are susceptible to wage levy. Asking to be allowed to pay the remaining amount of money in bits could also help you. Provided you will have paid the full amount of debt within the given period, you may ask to pay the debt in instalments. Failure to paying the full amount of money by the stipulated time will automatically trigger a wage garnishment and this is not very good if all you depend on is your salary. For more info on wage garnishment, click here.
If you want to avoid wage levy, ensure you file for bankruptcy. Denial of the petition by the court gives the creditor the authority to impose a wage levy on you. You are also allowed to request that the wage levy is not imposed on you by filing for a non-collectable status. You may also ask for a something that is known as partner relief. This is a great way to show that each partner is capable of settling their own debts. These tips provide you with more info to evading a wage levy.
Saying you did not receive the warning is also another way to buy more time to pay. Calling them or writing to them about an error in receiving of the message may buy you some time. Read here for more info on how to avoid straining your salary through wage garnishment.