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Garnishment

Discussion in 'Other Debt, Collection, Garnishment' started by Golfingbuddy, Sep 17, 2020.

  1. Golfingbuddy

    Golfingbuddy Law Topic Starter New Member

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    Jurisdiction:
    New York
    I am having my wages garnished. The amount already garnished has far exceeded the original debt. How can I stop this procedure. I live in New York State and the original warrant served can't be protested. Thank you
     
  2. army judge

    army judge Super Moderator

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    I suggest you discuss this matter with an attorney who practices in NY.

    If the garnishment appears to far exceed the amount you think you owe, only an experienced attorney can assist you.

    The excess amount is likely caused by fees and interest, which no one but an informed attorney can comment on precisely.

    I suggest you find that attorney today, make an appointment, allow her/him to investigate the matter, and see if any relief can be provided to stop the unnecessary financial pain.
     
  3. zddoodah

    zddoodah Well-Known Member

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    Please explain exactly what you mean by "the original debt" means. Please also tell us what sort of debt is at issue (e.g., personal loan, credit cards, state or federal tax debt, etc.).

    Please also keep in mind the following: Let's say that you had $5,000 in credit card debt as of January 1, 2010 and then you stopped paying on the card. The creditor card issuer then sues you on July 1, 2010. By that point, six months' worth of interest has accrued on the debt. If we assume an 18% per annum interest rate, that's another $450. Then, after a year, the credit card issuer gets a judgment against you on July 1, 2011.** The judgment includes both the $450 in pre-lawsuit interest, but also another year's worth of interest, so that's another $900. The judgment would also include pre-judgment attorneys' fees and court costs. Let's charitably say that's $2,000, so your $5,000 debt has now turned into an $8,350 judgment.

    Under New York law, unpaid judgments accrue interest at the rate of 9% per year, so your judgment entered on July 1, 2011 has accrued nine years' worth of interest as of July 1, 2020, so your $8,350 judgment has now turned into a $15,113.50 judgment. Of course, if payments were made at any point, then the number would be lower. However, you can see how "the original debt" of $5,000 might result in you having to pay more than three times that amount to pay it off.

    ** - Note that, for virtually all types of debt other than tax debt, the only way for the creditor to garnish your wages is to sue you and get a judgment.

    The answer to that will depend in large part on how you respond to my inquiries above.
     
    Last edited: Sep 17, 2020
    despritfreya and Zigner like this.
  4. adjusterjack

    adjusterjack Super Moderator

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    Well, one way is to contact the judgment creditor and pay off the debt.

    Another option is to file bankruptcy.
     

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