If you are facing a time of financial crisis because of unemployment or any other reason, you may have difficulty continuing to pay your monthly bills. This includes your mortgage, credit card payments, student loans, and many other payments such as taxes. Many people don’t realize that if you are having trouble paying certain debts, the IRS can actually garnish your wages, or take a portion of your salary to pay for unpaid taxes.
In order to protect yourself from this, you need to make sure you know the laws and regulations regarding wage garnishment. By understanding the law, you are in a better position to identify and fight against any instances of unfair or illegal wage garnishment.
Reasons for Wage Garnishment
The law actually states that the IRS can legally take a portion of your salary in certain situations. Typically, these payments are limited to 25 percent of the individual’s disposable income. Some of the most common reasons for wage garnishment include:
- Unpaid child support or alimony
- Unpaid court fees and fines
- IRS debt
- Any taxes that are unpaid
- Defaulted student loans
If you are currently facing trying and stressful financial times, you need to know you have options. An experienced bankruptcy attorney can help you understand your legal options at this time and explain your rights regarding wage garnishment.
If you are facing wage garnishments, foreclosure, or repossession, a bankruptcy lawyer can help you regain control of your finances. The services of an experienced attorney can protect your rights from unfair wage garnishments.