At this stage of the game, Bankruptcy or PAYOFF are about your only choices. OR work for CASH for a LONG time. MERRY CHRISTMAS Pay me now or pay me later. Regardless if the repossession was voluntary or involuntary, if there was a deficiency after the vehicle was sold you and any co-makers are responsible for payment. Most lenders are willing to accept payments as deficiencies are hard to collect. BEST OPTION for those considering vol repo... Sell the car and try to get the lender to carry any balance. This leaves the lender in a better position. In the end though YOU WILL PAY... through higher interest rates ( if you can get a loan now ), having to save money to replace your transportation, garnishment, bank levy, etc. Some will still go BR as a last resort. Good luck -
Unfortunately for the consumer Louisiana is considered to be a "creditor friendly" state. Garnishment is allowed and the federal guidelines are used. The amount of garnishment usually granted is the maximum of 25% of disposable income with the first $154.50 being exempt from attachment. The garnishment order is effective immediately upon service, the employer must withold the amount weekly and submit it monthly to the court. A garnishment order remains in effect until the entire balance, court costs, legal fees and interest is paid in full.
Attorneys act as advisors and spokesmen for their clients, when they're acting as attorneys. They don't act idependently of their clients, so it is up to the client to decide for himself if he is making the "right" decision. An attorney will only advise. That's not a decision. Most attorneys act in their client's best interest, to not do so is malpractice. And they wouldn't do very well professionally if they gave bad advice.
The financial management service of the treasury dept. is threatening garnish my social security disability check if i don't pay them 110,000.00 which mostly interest. I have a heart condition and unable to work, lost business and sold house in short sale and gave them 13,421.22 dollars and that is all i could pay because they were the 3rd mortgage and they excepted the money now they want threaten me with a garnishment is there anything i can do to stop this.
If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.
Good morning, Long story short: - In court ordered mediation (5/2012) agreed to settlement of $1724 less than originally owed ($5434, 6/2011) and not to file a judgement if defendant agreed to make timely monthly installments of $300/month - $250 paid 6/29/12 - $500 paid 9/27/12 after meeting again (independently of the courts) and agreeing to start anew if timely payments were made from then on - filed a judgment in February 2013 after making several contact attempts and receiving no money since 9/27/12 - 6/20/13 I learned defendant now has a full time staff position with an agency (we are both freelance independent contractors working for at least 12 - 15 different agencies so garnishment was not really possible until now.) Question regarding interest on the Writ of Garnishment. - is 90% illegal? My originally agreed upon contract states that a 5% penalty will be added every 15 days that full payment is not received. No money in 9 months at about 10%/month cumulative = $2664. That comes out to about 90% but the form does not allow for monthly cumulative interest. instead it's written as: "______ Plus post-judgment interest, on $___ , at ___%, for period ￼￼￼￼from ____, to ____, ___Year ? - How much can I put down as interest payment? There is a 2nd line "Plus additional post-judgment interest" ? - How much can I add here? ? - How can I now recoup the $1724 lost in settlement plus the $2960 left unpaid from the settlement through this garnishment procedure? I want the garnishment total to equal $4684 from period of 9/27/12 to 6/27/13 I'm going this morning to file the Writ of Garnishment myself. Thanks you in advance for your help! Tatiana email@example.com
If the defendant does not respond to a summons, the plaintiff will usually win the case by default. A judgment will be awarded, a judgment can then be executed pursuant to state law, one option is wage garnishment. The defendant/debtor does not have to attend court. If he/she wants to protect property or perhaps have a chance to appeal the ruling, it would be in their best interest to make an appearance or retain legal counsel.
In most instances and U.S. states judgment creditors are allowed to charge interest on valid judgments including those executed as wage garnishments. The interested party needs to check the laws of his or her state concerning such fees, as the percentage of interest and the application of same vary.
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