Can a lender garnish your wages and income taxes after repossession?
IF they have a JUDGEMENT for the balance due, they can garnishee your wages. Income taxes?? NO
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this can vary by state, but in most if they get a judgment against you by taking you to court, then can - but there are rules about this as well that vary by state for example… where I live they can't garnish the head of household, can't leave less than a certain amount in the check, etc. There are a LOT of variables: how much you owe v.s. how much the car is worth... The state you live in...the loan agereement which you have signed..other costs such as towing, storage etc... Generally , if they repo the car and it pays off your debt, and you pay the towing and storage fees and there is no outstanding balance, they have no reason to garnish your wages. But if you don't make a deal with the loan company, and you owe them money and don't set up a payment schedule that they accept, they can garnish your wages until you are even ( you don't owe them anything). If you communicate with the lender and make arrangements to pay so much a week, they will work with you. But if you blow them off, they will get their money one way or another! A negotiated payment plan looks better on your credit record than a garnishment.
YES AWG is authorized by a Federal law (20 USC ï¿½ 1095a), which specifically preempts State law.
YES, even in AZ.
noboby can garnish your income tax except for the government. Unless they take you to court. If they do that file chapter 7.
Answer . Yes. After the vehicle is repossessed it is sold at auction, usually not for very much money. The sales amount is applied to the loan balance then the borrower is… still responsible for the rest of the money. If it isn't paid, the courts will often allow the lending institution to garnish wages to get payment.\n. \nIt's usually best to just pay the debt as promised.
Answer . \nYes, if the lender wins a lawsuit judgment they can execute the judgment as a wage garnishment.\n. \nGeorgia follows federal garnishment guidelines of a maximu…m of 25% of disposable income with the first $154.50 (weekly based) being exempt from garnishment action. \n. \nA valid garnishment is generally imposed until the debt is paid.
If a vehicle was repossessed in a state that does not allow the garnishment of wages can the lender try to garnish your income if you move to a different state?
\n. \n Answer \n. \n. \nYes, they can. They want their money any way they can get it. It would be best if you make the arrangements that you feel you can afford and …they will accept--Rather than\n1. the embarrassment of people at work knowing this is happening and\n2. seeing a chunk of EVERY paycheck going to the bill until it is paid off.\n(the amount deducted will depend on what state you are in--ex. New York--it is a simple 10% off the gross\nof every paycheck or bonus, Kentucky has a formula they use and one stands to lose a lot of their net even if you are the only bread winner.) \n. \nCheck the following link for your state\nhttp://www.bcsalliance.com/y_debt_statelaws_garnishments.html\n. \n . \n . \nThe lender would have to file suit in the debtor's new state and if awarded a judgment enforce the judgment as a wage garnishment.\n. \nIf the lender chose to file an abstract judgment using the one that was awarded in a previous state such a judgment can only be used as a lien against real property owned by the debtor, not as a wage garnishment.
Not normally. They can however file a non wage garn and get your taxes when you deposit them into your checking or savings account. Usually only, government and state can wi…thhold your taxes...i.e. back taxes, child support, student loans etc...
Yes a lender can garnish your wages after a repossession. If theresell value of the item does not cover the cost needed to repaythe lender, you are still responsible for payin…g the balance.
A repossession is a repossession, voluntary or not.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan …payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late.. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying.. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report.. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance.. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation.. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold.. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale).. In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession.. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable.. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
No. All SS benefits are exempt by federal law from creditor attachment.
Can the lender put a lien on your house or garnish your wages for the deficiency owed on a repossessed car?
It is treated the same as defaulting on your credit card payments, or mortgage. After we take your car, we sell the unit. Whatever the difference of what the car sold for and …what you owed on the unit minus fees is taken off your loan amount. That amount goes on your credit and is treated as any other bill you owe, it is all civil. Personal Note: Laws are starting to change in different states, a friend of mine just got sued for an unpaid hospital bill and he is being garnished. Thats crazy to me.
The courts can if the debt wasnt repaid, the only way out is to setle or go bankrupt.
If a car is financed in Texas and repossessed in Kentucky can the lender garnish your wages in Kentucky?
If a garnishment has been ruled against you in a judgment it can be collected no matter where you are.
Can credit card companies that take you to civil court garnish your wages or income tax return if you lose in the lawsuit
if my wages are being garnished can they still take my income tax check?
Yes....but not your federal income taxes.