You already don't have enough cash to pay all your monthly bills, and now, your wages have been garnisheed to pay off your debts. You need to do something quickly before you lose any more money! There are only three ways to stop a wage garnishment in Ontario, Canada (the concepts are the same throughout North America, but the specific legal process may be different depending on where you live).
Your first option is to make a deal with the creditor to re-pay them
Call the creditor directly, or their lawyer, and offer to make a settlement. You can tell them that you will pay off the debt or if you can't afford to right now, you can propose an alternate payment plan that would work for you. Perhaps you could make smaller monthly payments over a longer period of time. Although this would work in theory, it is very difficult to get creditors to agree to a deal with you because you have already broken their trust by missing many monthly payments. Through the wage garnishment, they are guaranteed to get their money. Your word will probably not be viewed as such a sure thing.
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Your next option is to file a Consumer Proposal
A consumer proposal is a legal settlement with your creditors to pay back some of your debt in a way that you can afford. It is filed through a licensed trustee in bankruptcy and is legally binding on all of your creditors as long as the majority agrees to it. From the date you file the proposal, the creditors must stop all actions taken against you, including wage garnishments. Your employer will also receive a court order so they know to stop giving your wages to the creditors.
If you cannot afford to make even partial payments, you final option is to file personal bankruptcy.
When you file personal bankruptcy, you assign your possessions to a bankruptcy trustee in exchange for being cleared of your unsecured debts. Because your debts go away, wage garnishments must stop. Creditors are legally required to end all actions against you from the moment your bankruptcy is filed, and if you are being garnisheed your employer will also be notified.
If your wages are being garnisheed, you need the garnishment to stop as soon as possible. It is important to know that wage garnishments from the court or Family Responsibility Office for child or spousal support cannot be stopped through these methods. For more information on how to stop a wage garnishment, contact a licensed bankruptcy trustee.
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