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How to Stop Student Loan Wage Garnishment


by Jowanna Daily on April 02, 2019  0 Comment

How to Stop Student Loan Wage Garnishment
It's common for students who can't afford tuition costs out of pocket to take out either federal or private student loans. Just like any loan, it can be easy to fall behind. When this happens, student loan wage garnishment can happen faster than you may realize. Perhaps you're already in this situation. True, most colleges and universities require you to learn more about student loan responsibilities before you can get your first loan disbursement; they may even go so far as to explain your deferment options and when you're expected to repay the loan. Despite these precautions, many graduates find themselves coming up short when it comes time to budget student loan payments. Student loan defaults can have a ripple ...

What Is Wage Garnishment and How Can You Stop It?


by Jowanna Daily on May 22, 2018  0 Comment

There are different ways a creditor can collect a debt; one of those ways is through wage garnishment. So, what is wage garnishment versus a bank levy, and how can you stop it from happening? A wage garnishment is when a creditor collects debt payment from your paycheck. When the creditor has attempted to contact you to no avail, garnishment is their last ditch effort to collect on the debt. Alternatively, a bank levy or non-wage garnishment are ways to collect on a debt by collecting straight from a financial account, such as your bank account. The process for garnishing your wages depends on the entity seeking to collect. When you receive notice that a creditor is attempting to garnish your ...

Everything You Need to Know About Hiring a Tax Professional


by Jowanna Daily on May 14, 2018  0 Comment

Everything You Need to Know About Hiring a Tax Professional
Enrolled agents (EAs), certified public accountants (CPAs), and tax attorneys are all tax professionals who can help you resolve tax debt problems. There are even Attorney-CPAs who can act as both your attorney and CPA. However, there are pros and cons to each role. Their advantages and disadvantages depend on what you need and the severity of your tax issues. When looking to hire a tax professional, understanding these roles will help you make the best decisions possible for your tax needs. What Is an Enrolled Agent? An enrolled agent (EA) is a tax professional licensed and authorized by the U.S. Department of Treasury to represent taxpayers. While an EA is the highest credential status the IRS awards, it is ...

Best Tax Settlement Companies: Negotiating Your Tax Debt


by Jowanna Daily on May 14, 2018  0 Comment

Best Tax Settlement Companies: Negotiating Your Tax Debt
Many taxpayers do not know how to pick one of the best tax settlement companies to help them negotiate their tax debt. Owing back taxes can be unsettling, and it is easy to become overwhelmed, especially when dealing with the IRS. Unlike your other creditors, the IRS has a broader boundary when it comes to debt collection. The penalties associated with any tax debt can put you and your family in a financial crisis. What is the impact of owning taxes? What are your options? Who can help you? Tax settlement agencies are like debt settlement companies, except they serve consumers who owe the IRS more money than they can pay. Like debt collection agencies, some firms exploit consumers facing ...

Bank Levy: How Long Does It Last?


by Jowanna Daily on May 14, 2018  0 Comment

Bank Levy: How Long Does It Last?
Both the IRS and creditors can use a bank levy and wage garnishments as extreme measures to collect outstanding debt. While the laws are different depending on whom you owe, the procedure is similar. The IRS and the Department of Education, though, have more reach than the other creditors. What Is a Bank Levy? A bank levy or a bank garnishment takes place when a creditor (someone you owe) files a legal document with the court, so he or she can withdraw funds from your bank account to collect on outstanding debt. Before a levy is issued, your creditor goes to court and receives a judgment for the money owed. You have a period to respond before the bank levy. ...

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