If your lender has a judgment against you, you may be subject to garnishment. However, your question doesn't suggest you are in default. As long as you are paying your debts, you have no need to worry.
I agree with the previous that your question is very disjointed and position difficult to interpret.
Trying to explain for you: About the ONLY time your 401k would be subject to any possible garnishment/seizure is if you DO withdraw it. Otherwise, it is protected from most all actions, even loss or use in your own bankruptcy.
However, your student loans are not able to be discharged, even in bankruptcy and will be subject to all types of collection efforts, including from things like SS benefits, by the government.
State law does not allow wage garnishment for creditor debt. It does allow garnishment for child support, spousal maintenance (alimony), federal and/or state taxes; and in some instances judgments pertaining to personal injury and/or property damage.
The state uses federal garnishment guidelines which would be a maximum of 25% of disposable income with the first $154.50 of weekly salary exempt from garnishment. The 25% only applies to creditor garnishment, it does not apply to court ordered child support, tax arrearages, and in some cases spousal maintenance or personal injury awards. Garnishment for those issues can be as much as 50% depending upon the circumstances and the decision of the judge. Wage garnishment for creditor debt can be eliminated in bankruptcy. Garnishment for the other issues cited such as child support cannot.
The maximum under federal law is 25% of disposable income. If the state in which the garnishment is executed has a lower percentage of wage garnishment than 25% that is the one that is assessed.
Yes, if the lender wins a lawsuit judgment they can execute the judgment as a wage garnishment. Georgia follows federal garnishment guidelines of a maximum of 25% of disposable income with the first $154.50 (weekly based) being exempt from garnishment action. A valid garnishment is generally imposed until the debt is paid.
Federal garnishment law allows up to 25% of disposable income be garnished. However, every state has laws controlling wage garnishments, the majority are more favorable to the debtor. Some states do not allow garnishment of wages at all. In any case, the debtor is allowed to choose whichever law (State or federal) that gives them the most protection. There is also the right to appeal if the debtor can prove the amount of the garnishment causes an "undue hardship". This option does not apply if the issue is child and/ or spousal support
State law does not allow wage garnishment for creditor debt. It does allow garnishment for child support, spousal maintenance (alimony), federal and/or state taxes; and in some instances judgments pertaining to personal injury and/or property damage.
Amorette Nelson Bryant has written: 'Complete Guide to Federal and State Garnishment' 'Federal and state garnishment' -- subject(s): Assignments, Attachment and garnishment, Law and legislation, Payroll deductions, States, Wages
The state uses federal garnishment guidelines which would be a maximum of 25% of disposable income with the first $154.50 of weekly salary exempt from garnishment. The 25% only applies to creditor garnishment, it does not apply to court ordered child support, tax arrearages, and in some cases spousal maintenance or personal injury awards. Garnishment for those issues can be as much as 50% depending upon the circumstances and the decision of the judge. Wage garnishment for creditor debt can be eliminated in bankruptcy. Garnishment for the other issues cited such as child support cannot.
The maximum federal garnishment is 25% the maximum NY state garnishment is 10% (this does not apply to child support or spousal maintenance). Therefore the state garnishment would be the lowest, but if the student loan(s) are federally subsidized the law may allow for the higher federal garnishment to be used depending upon the person's financial status. Such issues as being disabled, head of household, and so forth would be a factor in the percentage of garnishment allowed.
If you are still in default on a federal student loan, no.
The maximum percentage allowed for wage garnishment varies by state. In general, it can range from 10% to 25% of disposable earnings, with exceptions for certain circumstances like child support or tax debts. It's best to consult state laws or a legal professional for specific information on wage garnishment for back rent eviction in your area.
Federal retirement funds are exempt from garnishment except if the garnishment is coming from any branch of the federal government. Why don't you offer a reasonable settlement and see if the bank is willing to work with you.
yee haw!
Social Security
Maybe. Federal or state law determines the percentage of wage garnishment. Under federal law the maximum garnishment is 25% or 30 x minimum wage/$382.50 with the first $217.50 of disposable income being exempt. If the state where the garnishee resides has a garnishment percentage less than the federal allowance, (many do), that will be the maximum amount subject to garnishment.
Federal loan, federal law. They can garnish 25% without even taking you to court.
The federal government purchases exceed net taxes.