First, They See You in Court
Here’s exactly how garnishing works: A creditorвЂ”let’s call him Mr. PotterвЂ”hauls you to, state, the Bedford Falls Courthouse and wins a judgment against you. Why don’t we call you George. We’re guessing there are many fans regarding the movie It is an excellent life out here.
- The U.S. Treasury can garnish your Social Security advantages for unpaid debts such as straight back taxes, kid or spousal help, or a federal education loan that is in default.
- A court order is not required to garnish your benefits if you owe money to the IRS.
- You’ll have actually to pay out 15% of the Social Security for back taxes and up to 65% for child or alimony help owed.
Then your creditor asks the judge for the purchase to garnish your wages, bank-account, and just about every other assets you could have, such as that dusty artwork within the hideous old frame, although the thing’s held it’s place in the Bailey family members forever. (more…)