Both private creditors and government agencies can use bank levies and wage garnishment to collect a debt. Private creditors need to obtain a court judgment to garnish someone's wages --- a government agency such as the IRS, the Department of Education, or family courts will do the same to levy a bank account to recover unpaid taxes, defaulted student loans, or past due child support respectively. How Can Bankruptcy Help? The Automatic Stay If you are already stretched financially, having … [Read more...]
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Creditors Balk at Suspension of Debt Collection During Pandemic
Early demands to freeze the collection of past due debt during the Covid 19 shutdown had debt collectors across the nation scrambling their lobbyists to push back, expressing concerns that the suspension of debt collection activities would "pose an undue burden to the industry's ethnically diverse workforce" and leave debtors "in the dark on how to handle their debt obligations". Many find the industry’s overt cries to protect their diverse workforce ironic considering many minorities suffer … [Read more...]
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Peoria Debt Collection Protection
For many people struggling financially, it is easy to get behind on paying bills such as credit cards, car payments or mortgages. If these debts remain unpaid for a period of time, a company or debt collection agency can initiate a lawsuit against a debtor to collect the money owed. If they receive a judgement, they can, and often do, take steps to collect the debt by garnishing wages or attaching a lien to your unexempted property. If you are falling behind, there are a few strategies you … [Read more...]
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