Video instructions and help with filling out and completing Why Form 843 Garnishment

Instructions and Help about Why Form 843 Garnishment

What's going on guys it's your boy ray coming back to you guys again with another video on keeping it real with credit for you guys that are just subscribing in or just watching this video this channel is basically about consumer credit and financial advice for the people in this channel I introduced you guys to industry experts on and give you guys information on what you should know regarding credit finance or just to be able to help you guys out and your financial endeavors today I'm with the good friend of mine tisha Allison she is an attorney and today we're going to talk about wage garnishments and now what can companies do what can they not do and what are your rights to protect yourself under these conditions so nonetheless let me go ahead and introduce t-shirt t-shirt why don't you let them know who you are what you do and a little bit more about yourself hi guys my name is tisha Allison I'm an attorney licensed in the state of Florida I have my own practice and we're located in the Miami Lakes area so Ray has an army inviting me here to talk about garnishment yes and I was explaining to Ray that in the state of Florida because I am only licensed in the state of Florida once the creditor has secured our judgment against you they have the right to collect on that judgment and that the process by which they collect them that judgment is called garnishment which means they can take your wages they can take your assets they can take cars motorcycles if you have them any valuable assets you have excluding your home for the most part we're getting to that another okay because your home if it's your homestead is particular clark's but that's another issue but however once the court has secured a judgment they can seek to collect judge the least expensive way to collect is typically through garnishment and wages now once a crater has got begun garnishing your wages they have to send notice to you right and even though they began garnishing you may be exempt the law may say that okay even though they have begun to garnish once you fall into certain categories one certain things apply legally you are exempt from that garnishment and you have to follow them notice that I'm going to be sent to you within the time to be able to have that garnishment dissolved good so now not all garnishment dirt just happen you're given the time in which you exercise your right of exemption and if you don't you waive your right and then you've got your wages it garnish which by the way they garnish 25% per pay period of your disposable income got it and how how do they determine that first off and like what kind of exemptions are you talking about specifically okay well they determine it for a serve because they'll find out where you work with and they will send a notification to your employer and your employer by law has to reply to them and detail to them how much you're earning oh gosh and then your employer you have to say okay based on what they're earning based on what is deducted from their paycheck this is how much their disposable income is okay good back then they have to do that by law and so they determine how much to withhold now if by the time that they started withholding from you that your salary and you end up with your day in court route to get your exemptions which typically is at your head up also or if your income if your income is well in the wage garnishment the one applies most defense also okay you are if you have a dependent and your person providing more than one-half support for the most part your Winship your wages cannot be garnished in the state of florida good especially if your gross wages are under seven hundred and fifty dollars per week so if you make seventy seven hundred and fifty dollars a week or less you're protected if you are head of household and if you're head of house right got it right so that's the current state of the law if you make ourselves said imagination $2.00 per week perhaps you can garnish but only with your permission oh okay so what the gut why see was this style garnishing and by the time that they've stagnation and your court date and say you go to court and the judge determines that your claim of exemption is true right and your your claim of exemption is granted whatever money has been withheld up until that point has to be returned to you oh nice okay it has to be returned to you and at that point you can determine if you want to enter into a payment plan or whatever perhaps your subscribers we want to know that in the state of Florida once you have a judgment it begins to accrue interest from the day of the judgment what do you mean interest like they take more interest statutory the last sense that and now the interest rate is four point seven five so you have a judgment and four point every day in a quality increases by four point seven five to six Oh compound and typically like I said judgments are good for twenty years Wow yes so they may say okay you're exempt today right well where will you be exactly five years good and what was 2000 will not be 2000 in five years because the interest that accrues and accumulated Wow all right so yeah it's another thing to consider I wasn't aware of that and that asked me you know again so if you get promoted and you're making more money now