How to Protect Property from Garnishment
As more and more people default on their loans, creditors are increasingly turning to garnishment as a way to collect what is owed. Garnishment is a legal process whereby a creditor can seize money or property from a debtor in order to satisfy a debt.
While garnishment can be a effective way for creditors to get paid, it can also be a major financial hardship for debtors. If you are facing the prospect of having your wages or property seized through garnishment, there are some things you can do to protect yourself.
First, if you have any assets that are exempt from seizure under state law, make sure to keep them well-documented and separate from any non-exempt assets. Exemptions vary by state, but typically include things like essential household items, clothing, and tools of your trade.
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