608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932
The significant negative impact of credit card debt
When a person is unable to manage his or her debt, it can often result in various negative consequences, including calls from creditors, accumulating interest and even wage garnishment. Credit card debt is one of the most common types of consumer debt, and many people with credit cards have accumulated balances that are far beyond what they can hope to pay off on their own. Some Tennessee credit card holders are subjected to wage garnishment as a result of late credit card payments.
There are certain steps a creditor has to walk through in order to start the garnishment process. In cases involving credit card debt, the creditor must successfully sue the debtor first. After that, they may begin garnishing wages from a person’s paycheck or start the nonwage garnishment process, which is taking money from a debtor’s bank account.
A person may be able to work with his or her creditor and negotiate a payment plan that could avoid the need for garnishment. However, once the process is started, it is not easy to make it stop without help. There are limits to how much a creditor can garnish from each paycheck, but it can still be financially devastating, especially for a person who is already struggling to keep up.
One of the most effective ways a person can deal with wage garnishment as a result of credit card debt is to file for bankruptcy. This step allows a person to discharge certain types of unsecured debt and seek eventual financial security. It may help to discuss this option with an experienced Tennessee bankruptcy attorney before moving forward.
Thank you. Your submission has been sent.
608 Mabry Hood Road, Suite 202
Knoxville, Tennessee 37932
William E. Maddox, Jr. LLC, Attorney at Law is located in Knoxville, TN and serves clients in and around Knoxville, Oak Ridge, Louisville and Anderson County.
Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. [ Site Map ]
Martindale-Hubbell and martindale.com are registered trademarks; AV, BV, AV Preeminent and BV Distinguished are registered certification marks; Lawyers.com and the Martindale-Hubbell Peer Review Rated Icon are service marks; and Martindale-Hubbell Peer Review Ratings are trademarks of MH Sub I, LLC, used under license. Other products and services may be trademarks or registered trademarks of their respective companies. Copyright © 2021 MH Sub I, LLC. All rights reserved.