Ben Sissman, Attorney at Law
Free Consultation 901-730-4958
Toll Free 866-788-0394
Legal Services

Credit card debt may cause fear of wage garnishment in Tennessee

If a Tennessee resident has considerable debt, he or she is not alone. Many individuals across the country are affected by mounting credit card debt and other financial issues that can make their lives more difficult. In some situations, individuals may even be targeted for wage garnishment that leads to them losing part of their paycheck to creditors who are collecting for outstanding balances.

The federal limit that a creditor can take out of a person's paycheck is 25 percent. Luckily for Tennessee residents, state laws work to protect more of their wages, though it was not specifically reported what percentage is protected. However, for many parties, any percentage is too much as they likely rely on their paychecks more heavily than individuals without as much outstanding debt.

Debts relating to credit cards, medical bills or even student loans could lead to individuals potentially having their wages garnished. Of course, an ideal way to avoid such situations is to pay off debts. Unfortunately, many individuals may not have the necessary funds to pay off their debts entirely, and if their paychecks are being reduced by creditors, they may face even bigger financial issues.

Credit card debt and other balances can be stressful for individuals to handle, and if they begin to have their wages docked, they may feel that they are doomed to an endless cycle of financial problems. Fortunately, bankruptcy and other debt management options could help Tennessee residents regain financial control. By assessing their specific circumstances, parties may be able to determine which relief methods may be most beneficial for them.

Source: NPR, "Millions Of Americans' Wages Seized Over Credit Card And Medical Debt", Chris Arnold and Paul Kiel, Sept. 15, 2014

No Comments

Leave a comment
Comment Information

Office Location

Ben Sissman, Attorney at Law
44 North Second Street, Suite 403
Memphis, TN 38103

Phone: 901-730-4958
Memphis Law Office Map

Let's Start By Discussing Your Debt

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy