St Louis Bankruptcy: How Much Of My Paycheck Can Be Garnished By A Creditor?

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By way of Missouri state law, a creditor may take no more than 25% of your net earnings (from any paycheck you receive). However, if you qualify for Head-of-Household status with the taxing authorities, then you may have the amount to be deducted reduced to 10% of your net earnings. Either way, a St Louis bankruptcy will put an end to the garnishment (as soon as the case is filed). Below is a more thorough discussion:

If you fall behind on your debts (like a credit card or medical bill), the creditor may end up suing you for breach of contract. If that creditor gets a judgment, it can execute on that judgement in one of three main ways: 1) levy your checking or savings account (i.e. bank freeze); 2) put a lien on your property (like real estate); 3) garnish your wages.

This garnishment will stay in place until one of three things happens: 1) the debt is paid in full; 2) you pass away; 3) you file for bankruptcy.

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If you go with option three, then the garnishment will stop as soon as you file the St Louis bankruptcy (or if any funds are in fact taken from your paycheck after the bankruptcy case has been filed, the creditor has to return it to you). And the underlying debt associated with the garnishment (whether it is a credit card, medical bill, payday loan, or whatever) will get discharged (i.e. knocked out forever).

But the best way for you to understand your rights and options is to make an appointment to come and see us!! We will answer all your questions, thoroughly describe your rights, and help guide you through the entire process from start to finish!! All you need to do is give us a call (or shoot us an email, send us a text, or fill out an online form)! We will take it from there!!

The affordable St. Louis bankruptcy attorneys at The Bankruptcy Company have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.