Bankruptcy information stays on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job.
As federal courts have exclusive jurisdiction over bankruptcy laws, cases must be filed in federal bankruptcy court.
The highest percentage allowed (50-60%) applies to child support.
Other types of debt can range from 15%-25% of disposable earnings.
Before I go thru the specifics of ‘garnishments”, let me preface this by saying I am not an attorney. This article is not intended in anyway to be “in lieu of” obtaining advice from an attorney.While consolidating debt often sounds like a promising solution, this could make your situation worse.Consolidating debt usually involves taking out new credit to pay off existing credit.If you're unable to pay your creditors, filing for bankruptcy can help you get a fresh start by liquidating your assets to pay off your debts or create a payment plan.Yet since bankruptcy has far-reaching and long-lasting results, you should first consider other debt management options.