Stop Worrying and Find the Best Strategy to Get Rid Of Debt
If you are struggling with debt, your creditors may have decided to sue. After they get a court order, your creditors can take money from your paycheck (also known as wage garnishment). They can also take funds directly from your bank account to fulfill your debt. This is their legal right.
When your creditor decides to garnish your wages, your debt situation isn’t just between you and them. Your human resources or payroll department will be notified to ensure compliance with the court order. You may not feel comfortable with your employer finding out that you’re in trouble with credit cards, medical bills, and more.
On the other hand, you may not be fully confident in your alternative: working with a Denver bankruptcy attorney. Although bankruptcy is a powerful solution that can stop your lawsuit, protect your money from creditors, and help you get rid of your debt, you may be just as afraid of bankruptcy as you are of your employer finding out you’re struggling.
You may wonder, “What looks worse? Wage garnishment or bankruptcy?” However, you’re asking the wrong question. Consider this question instead: “What’s going to get me out of debt the fastest and most affordably, set me up for success, and demonstrate that I’ve taken action to get on the right path?” When powerful, affordable solutions exist to get rid of your debt, there’s no need to worry about the so-called stigmas of wage garnishment or bankruptcy.
Does Wage Garnishment Affect Your Employment?
Although your employer must comply with the court order obtained by your creditor to garnish your wages, your workplace doesn’t have the right to take disciplinary action against you or fire you. That’s against the law. Wage garnishment may require your employer to handle additional small administrative tasks, but that’s part of their job.
For those who live in Colorado, your only responsibility to your employer is to tell them the priority of the debts you owe, if you are being garnished by several creditors. This will require you to have an honest conversation with your employer.
Beyond these procedures, your wage garnishment shouldn’t concern your employer. The only decision you have to make is whether you want to have your wages continually garnished, or if you want to see your debt disappear with the help of a bankruptcy lawyer.
What Your Employer Might Think About Bankruptcy
Bankruptcy, much like wage garnishment, isn’t your employer’s business. However, you still may be worried about working with a bankruptcy lawyer. It’s understandable to worry about how bankruptcy may look to your employer, but these worries only exist because stereotypes about bankruptcy.
There is a stigma about bankruptcy in the U.S. People who are struggling with debt assume that this is the worst-case scenario. However, the reality is that the worst has already happened: your debt is out of control. Bankruptcy is a solution that shows your bravery and willingness to take action.
How Filing For Bankruptcy Can Help With Debt
When you file for Chapter 7 bankruptcy, you can discharge certain types of debt, such as credit card and medical debt, without having to pay what you owe. You get a fresh start and can stop feeling like you’re drowning in debt. Within two years of filing, you can achieve a 700+ credit score, and even become eligible for a mortgage.
Chapter 7 bankruptcy is available if you make less than the median annual income in the state of Colorado. If you make more than the median annual amount, you are eligible for Chapter 13 bankruptcy, which requires you to make reasonable payments on your debt for three to five years before your debt is discharged.
Work with a bankruptcy lawyer to find which form of bankruptcy you qualify for. You may be legally eligible for Chapter 7, even if you make over Colorado’s median income. A lawyer can help you calculate all your expenses and income using a worksheet called the “means test.”
Chapter 7 and Chapter 13 bankruptcy are far better solutions than worrying about what your employer thinks of you or watching money disappear from your paycheck. Work with a Denver bankruptcy attorney to find a permanent solution to your debt problem.
Don’t Worry About How You Look. Worry About Getting Affordable Debt Relief.
As you may have learned in other areas of your life, worrying about how you look to others is an unproductive exercise. What matters is how you feel about yourself and the actions you take to improve your life. Besides, you may be surprised to know that people aren’t thinking about you as much as you might think they are; most people have their own lives and finances to worry about!
Instead of getting stuck in worry, take action and get real relief with a Denver bankruptcy attorney. The Wink Law Firm can help you get out of debt, get your finances back in order, and look ahead toward a brighter future.
Contact The Wink Law Firm online or call (720) 523-0620 to get help from our bankruptcy lawyers today.