If you default on your credit card debt, an unsecured debt, why can the bank garnish your salary?
by Author on Monday, July 26th, 2010 | 10 Comments
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2 states, oklahomo and south carolina, they cant garnish wages for unsecured debt, this includes student loans as well.
When you don’t have an asset to take, they garnish your salary. There is no such thing as a free lunch.
As long as you have assets, the unsecured debts can be paid.
If you file for bankrupcy, then the secured debts are paid first, then the unsecured, out of the remainder (if any)
Because you signed an agreement (credit app) agreeing that you will pay based on credit approval..Also, every credit receipt that you sign is an acknowledgement of debt that you owe.
you took and used their money. They want it back.
Whatever the means they will find a way to get the money back and roll you around in the mud in the process
because you owe them money
Oh come now! You knew darn well that when you borrowed the money you would have to pay it back…or else!
Well garnishment is the "or else" part.
I tend to stick up for the debtors most of the time. But this is nonsense!
I agree with most of the posters, but I think Studly said it best. I also agree with him about being on the debtors side. As he pretty much said, it’s hard to do that in this case.
I guess if you loan a friend or family member $1,000.00, if they don’t pay you back, you won’t ask them for it since it is not a secured loan. You would just chalk it up to "tough tuna" and forget about it???
Yeah right, you would be all over them to get the money back.
Say buh-bye to a portion of your pay check or anything else they can grab.
NO THEY CANNOT GARNISH ANYTHING, PERIOD!!!!
Its an unsecured loan! I would disregard all Letters until they actualy get the judgement, but they won’t because IT"S AN UNSECURED DEBT!!!!!!!!! I had a friend who recieved a letter saying that a judgement was granted but it never showed up on her credit report the collection agency LIED!!!Never ever work with a collection agency always pay the original credit.ALWAYS!!!