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March 2014 Archives

Unpaid debts can lead to wage garnishments

Kentucky residents may be interested in what can happen to them if they fail to pay their debts. While there are numerous actions a creditor can take to collect an unpaid debt, one of the most serious is wage garnishment. When a creditor has been unable to collect via traditional means, they can go to court and get an order for a wage garnishment, which allows the creditor to take a portion of an employee's paycheck until the debt has been paid. Federal consumer credit regulations limit the amount that can be taken in most instances. Employers are required to go along with any wage garnishment order. While consumer creditors are required to go to court to obtain a garnishment order, government obligations are not subject to prior court approval.

Provisions in credit card agreements limit card holder rights

Readers in Kentucky may be interested in a recent article that concerns credit card issuers and the agreements that card holders sign. The article asserts that there are a number of provisions in the contracts that may be surprising for the individuals who are signing them.

No exceptions to bankruptcy exemptions

When you file bankruptcy in Kentucky, you are entitled to certain exemptions in the bankruptcy code. These exemptions are designed to allow you to continue to live a somewhat normal life, albeit at a reduced level. There are federal and state exemptions, and you generally must pick one. Most states offer a homestead exemption, which protects equity in a home, and prevents a trustee from forcing a person to sell their home to pay their other debts.

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