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How to Stop Wage Garnishments Without Going Bankrupt?

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  When you're unable to pay your debts, the creditor can collect them through the court system by initiating a lawsuit against you. The resulting process is known as wage garnishments. If the creditor wins the case, they can cover the bad debts by borrowing your wages on the court's orders. Once they win the judgment against you, the creditor will notify your employer with the sheriff's help. After the process concludes, a fixed portion of your paycheck will go to the creditor before you even receive the monthly salary. How to Stop Wage Garnishments? The easiest way to deal with a wage garnishment is to pay off the lump sum amount. See if you can apply for a loan or borrow from friends or family. If this doesn’t work, here are a few alternative strategies that could work: Negotiate With Your Creditor You can work with your creditor to agree on a repayment plan. Before talking to the creditor, create a budget, and consider what you can actually pay. A successful repayment pl...
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Proven Ways to Settle Your Tax Debt with the IRS

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Over the past few years, the IRS has become increasingly stringent with its tax regulations. There have also been changes in tax legislation at both the state and federal level. As a result, individuals and business owners have found it hard to circumvent their tax problems, especially the outstanding debt. The following strategies may help. Installment payments By issuing a  Collection Information Statement, Form 433F , you can request the IRS for an installment payment plan. The IRS will review your application and write you a notification letter to explain the proposed payment terms. It may charge you up to $105 and allow you to make your payments within the five-years timeframe. You’ll also have to promise that you’d pay all of your future taxes on time and full. Offer in Compromise (OIC) The OIC is a formal agreement between the IRS and the taxpayer that settles your debt for a lesser amount than the one owed. Under the Internal Revenue Code, this tax resolution option applies...
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Getting Tax Payment Extensions To Minimize Existing Tax Burdens

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  With the onset of the Coronavirus epidemic, the ensuing economic and financial instability swept the rug from beneath the feet of countless US citizens. With unemployment levels peaking at 14.7% in April, continued business shutdowns and a second wave of COVID-19 cases being reported—the IRS chose to provide convenient payments options to all taxpayers. With the recognition that far too many people will find it difficult to make tax payments by April 15 th , the IRS extended the deadline to July 15 th  to help people get their affairs in order. This announcement also included a conjunction announcing that individual taxpayers can have their deadlines extended to the 15 th  of October if they filed Form 4868  before the July 15 th  deadline. Assuming that taxpayers missed the deadline for the form, they have probably started accruing interest on their bills and should get in touch with a reliable tax debt relief company  to help them out.   It's still...
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