My question involves collection proceedings in the State of: Georgia/Federal Law
I didn't quite understand how wage garnishment works when I was researching it, but I'm simply curious how these sorts of proceedings tend to work. I see that it says the amount that is greater than 30 times the minimum wage at the federal level can be garnished, or 25% of one's paycheck can be garnished. It says whichever amount is less will be garnished. In one hypothetical scenario, the debtor is a man who is unemployed and has a large amount of debt. He accumulated debt early in his life, but he currently is unable to work due to a long-term physical disability that he developed in his older years that prevents him from working. His only income is his disability check. The disability check either is not more than 30 times the hourly federal minimum wage, or it is only marginally over it. Therefore, the man has no money to pay the debt, therefore there is nothing to garnish. I'm assuming this is the type of situation that would be referred to as "bankruptcy".
In another hypothetical situation, the debtor owes a large amount of money. He has an income that is relatively average at this point in his life, but he had a successful business and accumulated a large savings account earlier in his life. According to wage garnishment laws, I take it that one can only be forced to pay money that they are earning presently rather than what has been accumulated in savings. Or is there a circumstance where one can be forced to pay money from a savings account? If so, what if the money is in a safe deposit box, invested in gold? And the safe deposit box is at a bank other than the one that the person owes money to of course. Alternatively, what if the money is invested in gold watches, jewlery, or simply kept in a safe in one's house? Would a bank be able to get a warrant or something of the sort to search one's home for valuables (e.g. basically just debt collectors coming in and taking anything of value that isn't nailed to the ground)?
I didn't quite understand how wage garnishment works when I was researching it, but I'm simply curious how these sorts of proceedings tend to work. I see that it says the amount that is greater than 30 times the minimum wage at the federal level can be garnished, or 25% of one's paycheck can be garnished. It says whichever amount is less will be garnished. In one hypothetical scenario, the debtor is a man who is unemployed and has a large amount of debt. He accumulated debt early in his life, but he currently is unable to work due to a long-term physical disability that he developed in his older years that prevents him from working. His only income is his disability check. The disability check either is not more than 30 times the hourly federal minimum wage, or it is only marginally over it. Therefore, the man has no money to pay the debt, therefore there is nothing to garnish. I'm assuming this is the type of situation that would be referred to as "bankruptcy".
In another hypothetical situation, the debtor owes a large amount of money. He has an income that is relatively average at this point in his life, but he had a successful business and accumulated a large savings account earlier in his life. According to wage garnishment laws, I take it that one can only be forced to pay money that they are earning presently rather than what has been accumulated in savings. Or is there a circumstance where one can be forced to pay money from a savings account? If so, what if the money is in a safe deposit box, invested in gold? And the safe deposit box is at a bank other than the one that the person owes money to of course. Alternatively, what if the money is invested in gold watches, jewlery, or simply kept in a safe in one's house? Would a bank be able to get a warrant or something of the sort to search one's home for valuables (e.g. basically just debt collectors coming in and taking anything of value that isn't nailed to the ground)?
Garnishment and Execution: Exactly How Does Wage Garnishment Work
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