Despite the much you grind to make ends meet, you have to keep up with your loan bills. Failure to this could land you a wage garnishment from your creditor giving you more stressful days than you already have. A wage garnishment means your creditors direct your employer to transfer of part of your salary to them, as a way of repaying the debt you owe. Sadly, this takes place even before you can personally get to receive your salary.
As difficult as this situation may seem, we are here to calm your worries by offering factual options that guarantee cessation of your wage garnishment while still ensuring that you are dealing with your debts.
Below are important wage garnishment facts and how consumer proposals or bankruptcy (in certain situations), will stop wage garnishments.
One of the ways to stop wage garnishment is by having a consumer plan. It’s a law approved debt reimbursement strategy that not only keeps you away from filing for bankruptcy, but it is also great in assisting you to design unique repayment strategies which fit your financial condition, thereby enabling you to repay off debts.
Be sure to look up consumer proposals Toronto to learn more about them.
This is true. Filing bankrupt will instantly zap creditor’s phone calls and halt all actions taken against you by lawyers. Although most people opt for it as a plan B, there are certain cases where this strategy best suits a person’s situation. Make sure to read through the York Credit bankruptcy page so that you can discover more on how bankruptcy safeguards you from a lawful action.
Trust our Licensed Insolvency Trustees who will take their time to explain to you the distinction between consumer proposals and filing for bankruptcy, types of wages that aren’t garnished and respond to any other query you may have.
Ring us today so that we can help you best.