Halting a wage garnishment in New Jersey is a choice for every debtor who is facing aggressive collection efforts. There are legal options to every person who is dealing with a wage garnishment. Some options, like an installment agreement, are more recommended than others such as bankruptcy.
Can you stop wage garnishment?
There are legal ways to stop a wage garnishment from taking away your assets. You can file a motion in court to qualify for an exemption. A claim of exemption allows you to stop the wage garnishment or reduce the monetary amount being garnished after you show proof of financial hardship. Debtors who claim dependents can receive a head of household exemption.
Filing for bankruptcy provides an automatic stay that another step to terminate a wage garnishment. However, terminating a wage garnishment does not apply to child support, student loans, alimony and state and federal taxes.
You can work with creditors that are trying to garnish your wages. Many debtors are able to create monthly payment plans that are set within their affordable budgets. Paying off the debt is another method of halting a wage garnishment In some cases, a debtor can obtain a debt settlement by paying one lump sum payment with fees and taxes.
You have control over your finances
Wage garnishment is necessary to protect the businesses of creditors. However, there are laws that also protect the rights of debtors who are facing collections. Filing for an exemption, arranging a payment plan or filing for bankruptcy are the most common methods to use. Overall, every debtor possesses the right to challenge a creditor and stop the garnishment of wages.