When you’re deep in debt, you’re constantly under stress that never lets up. Creditors may be calling your home, cell phone, or your employer. You may be getting threatening letters or emails.
Filing either a Chapter 13 bankruptcy or a Chapter 7 bankruptcy will stop the garnishment and creditor collection calls.
But when is enough enough? How much do you have to owe before you can seek relief through bankruptcy?
The answer isn’t as simple as one number. It is all relative to your particular financial situation.
Bankruptcy is not determined by how much you owe. Therefore, the key is to meet with an experienced bankruptcy lawyer and find out your option. Sometimes filing bankruptcy is a way to take control of your life. Sometimes, however, there are other options other than filing bankruptcy. The good news is that you can find out your options for free and meet with a debt attorney.
Before filing for bankruptcy, you have to go through something called a means test, which determines what category you fall into: those who can pay off debt on their own, those who can pay off debt with the help of a payment plan, and those who cannot pay off their debt.
If you wages are being garnished, then a lot of times filing a Chapter 13 bankruptcy to stop the garnishment makes sense in order to give you more money to live on every month.
Keep in mind that the debt you can discharge during bankruptcy does not include alimony, child support, student loans to accredited institutions, back taxes, and some debts incurred 180 prior to bankruptcy or any debt incurred after filing.
Over the past 32 years, the Law Offices of Christopher A. Benson has helped over 3,000 of Washington clients take control of their financial situation. We can stop your garnishment and change your monthly payments for all your combined unsecured debt, and if you have had more than $600 garnished within the last 90 days, we can get all of the money back in most cases. But you have to act quickly –call (253) 815-6940 for your free consultation, or email us today.