Garnishment
A legal process where a creditor collects payment directly from a debtor's wages, bank account, or other assets.
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Detailed Explanation
Wage garnishment allows creditors to take up to 25% of disposable income for most debts, though child support can take up to 50-65%. Bank account garnishment freezes funds up to the judgment amount. Federal benefits like Social Security are generally exempt. Garnishment requires a court order (except for taxes and federal student loans). Attorneys can challenge garnishments or negotiate alternatives.
Related Terms
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