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Pursuing relief when wage garnishment adds to financial troubles

If you are experiencing prolonged periods of financial difficultly, an inability to repay debts might only be one of the issues you face. Along with the potential of constant calls and letters from debt collectors, there are numerous ways in which you may suffer a lesser quality of life, even if only temporarily.

In some cases, creditors may also seek to recover debts through wage garnishment. A reduction of your pay can be challenging to overcome, especially during a period of significant financial hardships, and this may be the turning point that sparks a need for guidance concerning your options for the future.

Seeking relief from creditors during bankruptcy

Overwhelming debt can be stressful and daunting enough on its own, and with the added intimidation of collection attempts, you might be wondering about the available options for relief, such as bankruptcy. Should you choose to pursue consumer bankruptcy, you may be able to obtain protection from creditors throughout this period via an automatic stay, which could prove beneficial in numerous areas, including:

  • The automatic stay could potentially stop all forms of wage garnishment until lifted.
  • It might prove helpful in bringing foreclosure proceedings to a halt and/or place a potential eviction on hold.
  • A stay may also ensure that your utilities remain operational even if you are behind on bills.

However, there are certain areas where an automatic stay may not apply. Some examples of these areas could include the following:

  • The stay may not provide protection against an attempt to collect child support.
  • It might not protect against wage garnishment for debts associated with a loan taken against pensions and/or investments.
  • If you file successive bankruptcies, you will likely have to prove that your most recent bankruptcy was filed in good faith, or the stay may be lifted.

These are just a few examples of areas that the automatic stay may or may not cover, and seeking guidance from someone with experience in federal and Florida state bankruptcy laws may help inform you of the available options and assist in preparing you for the next step.

What comes next?

Obtaining protection from potentially devastating consequences, such as wage garnishment, is often a crucial step to overcoming the emotional stress of overwhelming debt. During this period of respite, you might be in a better position to focus on the road ahead by pursuing a healthier financial future via bankruptcy.

However, the process can still be intimidating, and seeking assistance in the initial stages might be your best bet. Obtaining advice from someone with extensive knowledge in this area could prove beneficial to making informed decisions throughout this challenging process of choosing the path for debt relief that is the best fit for you.

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