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Will Filing Bankruptcy Stop Wage Garnishment? Call (703) 494-3323 or visit https://fishersandlerlaw.com and ask us about our 👉$0 Down Bankruptcy Program today.👈
Will Filing Bankruptcy Stop Wage Garnishment in Virginia?
Some people facing wage garnishment and other serious debt problems look to bankruptcy to regain control of their finances. Filing for bankruptcy stops most wage garnishment and also prevents creditors from seeking new garnishment orders against you.
This is because when you file bankruptcy, an automatic injunction called an "automatic stay" is put into place. The automatic stay comes from the U.S. Bankruptcy Code and prevents creditors, collections agencies, and even some government entities from pursuing you for the debts you owe while your bankruptcy case is in progress.
When Does the Automatic Stay Begin?
The automatic stay is triggered the moment you file bankruptcy, no matter which type of bankruptcy you file for, and it applies to both businesses and individuals.
Creditors have to stop garnishing your wages and other collection activity as soon as they are made aware of the bankruptcy, either by notification from the bankruptcy court or by notification from your lawyer. If they do not stop collection actions, they can be charged with contempt of federal bankruptcy court.
Certain kinds of debt can still be garnished during the automatic stay because they are high priority and non-dischargeable such as child support and alimony.
How Long Does the Automatic Stay Last?
The automatic stay is in effect until you get a bankruptcy discharge or your case is dismissed from bankruptcy because you do not qualify. If the debt was part of the Chapter 7 discharge, the creditor cannot continue garnishing your wages. If you did not get a discharge of the debt, wage garnishment can continue.
If you filed for Chapter 13 bankruptcy, the debt should be included in your repayment plan (unless it's a student loan or debt), so wage garnishment should not continue. Garnishment may continue for student loan debt unless you reach a settlement.
Are you struggling to keep up with your bills? Are you tired of feeling like you're drowning in debt? Fisher-Sandler can help. We offer a no money down chapter 7 bankruptcy. This means you can get the fresh start you need without having to pay a penny upfront. Don't wait any longer. Get the debt relief you deserve.
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*DISCLAIMER*
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.
How Bankruptcy Affects Credit - Find Out What Are the Financial Consequences of Declaring Bankruptcy
Bankruptcy is not a pleasant thing to have to go through, but the simple fact is that for some people it is the only option and can offer a financial fresh start for those who have gotten in over their head in financial terms.
Declaring Yourself Bankrupt - What Are the Costs Involved? Find Out Before You ProceedIf you are facing debt troubles that you cannot manage, then you might think about declaring bankruptcy.When all other steps give way, you will have to consult with your attorney. But after evaluating your financial condition and you are very sure that there is no hope of recouping the losses, you may look at declaring yourself bankrupt and start looking into the costs involved.
What the Bankruptcy Means Test Means For YouThe stated intent of the bankruptcy means test is to prevent debtors from fraudulent or abusive bankruptcy filings that would essentially excuse their debts without regard to other financial considerations such as income. Unfortunately, as a consequence of the provisions set forth in the amendments to the law, many individuals and families who are on the threshold or simple done a disservice by rigid bureaucratic expense schedules are locked into a Chapter 13 bankruptcy plan. This subjects them to an ongoing strain and does little to help them rebuild their financial standing or to adopt better practices.
Bankruptcy Alternatives - Are They Better For Your Finances in the Long Run?The global recession has had something of a domino effect right through from the government agencies and huge corporations down to the individuals and families. And, fairly predictably, there are an increased number of individuals filing for bankruptcy during this time.
Should You File For Bankruptcy?Filing for bankruptcy is often used as the last resort, but how exactly will you know that it is the time for you to use your last resort? Most people wish that filing for bankruptcy is an option which they would not need to consider in the future, but due to mounting debts, this can be inevitable. Because of the financial crisis that even the worlds' economies are suffering from, it is important for every person to know about bankruptcy and its pros and cons.
What is Exempt Property and What Can You Keep With the Federal Exemptions?Exempt property is not touched by the court in a bankruptcy proceeding. State and federal laws provide a list of all property that can be kept through exemption during your bankruptcy proceeding. In a Chapter 7 bankruptcy, all property that is not exempted will be liquidated in order to pay off creditors, so it is in your best interest to know what can be kept through exemption.
What is an Automatic Stay?An automatic stay is created when a person files for bankruptcy under either Chapter 7 or Chapter 13. While it is in effect, creditors cannot try to bring a claim against you.
The Pros and Cons of Filing For BankruptcyBeing consumed by thousands of dollars of debt can seem like an insurmountable challenge to overcome. The creditors are hounding you, you're having trouble even making minimum payments on your credit card bills, and you're facing the threat of foreclosure or repossession. Fortunately, you do have options to help you relieve your debt. While it isn't for everyone, Chapter 7 Bankruptcy is one option that you may want to consider.
The Disadvantages of Bankruptcy Chapter 7Bankruptcy is not a single cure that will solve all financial doings. With changes in bankruptcy law, it is tougher to get approved to file. Although chapter 7 might be preferred by most, there are still things you need to be aware of before you file.
Effects of Declaring Personal Bankruptcy That You Should ConsiderThere are different people who have different opinions about bankruptcy. Some view it as a terrible thing which could happen to you if you are not careful with handling finances while some others look at it as an opportunity to get back on your feet and have a second shot at life.
Do it Yourself Bankruptcy - Can it Ruin Your Chances of Financial Freedom?Different people have different financial conditions and each one has their specific problems. If you are one of those people who is neck-deep in debt with no possible signs of paying them back, then there is the option of bankruptcy for you.
When Should You Declare Bankruptcy? Read This Important Information Before You DecideThe biggest question for anyone who has debt piling up, is weighing the proper time for filing for bankruptcy actually is. All too often people listen to the financial world who insist that bankruptcy should be nothing less than the last possible resort.
Chapter What? An Overview of the US Bankruptcy CodeThe combination of debts and a sudden loss of income can quickly spiral out of control. Sometimes the best way to recover from out-of-control debt is to file for bankruptcy. Bankruptcy isn't the end of the world, and in fact helps many Americans turn their lives around. The US bankruptcy code was put in place to you get back on your feet.
Corporate Bankruptcy Options - Resolving Your Business DebtBusinesses have several options available for bankruptcy filings. Each type of bankruptcy is different, so it's important to choose the best one for your specific situation and circumstances.
Corporate Bankruptcy is NOT the Only Solution For Your Struggling BusinessIf your company is struggling in today's economy, corporate bankruptcy isn't your only option. There are a number of bankruptcy alternatives that can satisfy your debts with out judicial involvement, so contact your bankruptcy lawyer today for more information.
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