Will bankruptcy stop wage garnishment?

Yes, filing for bankruptcy can stop wage garnishment in Colorado. A wage garnishment is when a creditor takes money out of your paycheck before you get paid in order to pay off an outstanding debt. When a person files for bankruptcy, an "automatic stay" is put in place which stops the creditor from taking any action against the debtor, including wage garnishment. It is important to note that if you are facing wage garnishment, you must file for bankruptcy before the creditor has actually taken money out of your paycheck in order for the automatic stay to be effective. The benefits of filing for bankruptcy go beyond stopping wage garnishment. It can also allow you to reduce or eliminate your debt, as well as help you establish a payment plan and help you rebuild your credit. If you are struggling with debt and facing wage garnishment, it is important to contact a bankruptcy attorney to discuss your options and determine if filing for bankruptcy is the right choice for you.

Related FAQs

What do I do with any unexpired leases or contracts when filing for bankruptcy?
How long does it take to file for bankruptcy?
Can I still obtain a loan after filing for bankruptcy?
Do I have to pay taxes on any discharged debt?
What will happen to my creditors if I file for bankruptcy?
Does filing for bankruptcy stop foreclosure proceedings?
How often can I file for bankruptcy?
What is considered a non-dischargeable debt?
Are there any sites where I can get reliable information about bankruptcy law?
What is the difference between a voluntary and involuntary bankruptcy filing?

Will bankruptcy stop wage garnishment?

Related FAQs

Related Blog Posts