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Originally Posted by Trish  Well......that is a tough one.
I see your point on COs reporting time vs. a BK.
I think the main reason (and this is just my opinion) a lot people file BK is when there is no other alternative.........for a clean slate......and for peace of mind.
I really do not have much experience with BK........maybe chane or jj can give you some advice in that area.
As far as garnishment......here is what I found out:
Since Michigan does not have its own State Laws regarding wage garnishment, they follow Federal Law:
Federal Garnishment Exemption
Federal Law exempts from garnishment 75% of disposable earnings per week, or an amount to 30 x federal minimum hourly wage, whichever is greater.
So it looks as though they can. |
So lets look at this; If you are saying 75% of Disposable Earnings per week, what are we talking about here? they can take 25% of my take home right off the top? So $435 a week will go to them or do they take out 25% After they see what my current bills are? That is a big difference. We are talking $1740 per month going to a judgement or are we talking about about 300 per month which would represent the portion of 25% OF DISPOSABLE. If they were to do the first scenerio that they would force me to not pay on my other obligations. Either way some one else will be harmed directly(myself) or indirectly other creditors. So what does the court do for judgements?
Now, as for the BK13. I make enough money to pay all my bills in less than three years. According to his plan. The attorney was telling me that my credit standing will be better even by the end of this year, but the issue is that I have to get another car becuase my lease will be up(which I will remain paying on up till i turn it in. Then I will need to get another WHo is going to give me a loan to get another car or purchase? this BK complicates my life in such a bad way, but so does Discover card trying to sue me. If credit cards are Unsecured How can they rightfully sue you for Money if it is the risk that they are taking by giving you an unsecured account. They should take their lumps as I have had too. But i know it does not work like that.