Are there protections under the law other than Bankruptcy or Debt Negotiation?

Yes. In many cases an individual’s income and assets are protected under the law.

For instance, social security, disability, pension and veteran’s benefits cannot be taken by creditors.  Generally, 75% of all wages are protected under the law and cannot be garnished.  In Minnesota, $360,000 in equity in a consumer’s homestead cannot be taken by a creditor.

The typical assets of many consumers are protected without filing bankruptcy.  Income and assets that are protected under the law are “exempt” or protected from creditors.

However, if the consumer fails to assert their rights in a timely fashion after they’ve been garnished, their exemption rights may be lost.  That is why it is important to hire an experienced attorney who can protect your income and assets.

If you are sued (served with a summons and complaint) you should immediately call an attorney. We want you to call us.