Creditors are ready to take whatever steps are necessary to collect on money that is owed to them. When you are unable to pay off a debt entirely, your creditor may petition the court to have your wages garnished.
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The IRS has the duty to make sure you pay every cent that you owe in taxes. When you have an outstanding tax debt, the IRS will utilize a variety of collection methods to settle the amount.
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When you owe multiple creditors, you may find it difficult to keep up on payments and get your accounts paid off in full. Despite your best efforts to pay, your creditors may choose to garnish your wages.
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From start to finish, an IRS levy can take months, if not years to complete. After it notifies you of its intent to levy your earnings, the IRS can generally continue its collection efforts until it is paid in full.
Even so, you can protect yourself financially and legally by understanding how this process works. This information will help you determine if you should appeal the levy or if you can satisfy the debt through other means.
Being in default to the IRS is entirely different than owing money to a credit card company or a hospital. In fact, while most creditors must obtain a court order to garnish your income, the IRS can levy your wages without one.
Wage garnishments can take away vital income that you need to support your family. Because garnishments can last for weeks or months, this legal action taken by your creditors could make your current financial situation worse and also ruin your credit.
Wage garnishment is used to collect seriously delinquent obligations by deducting a percentage of earnings directly from an employee's paycheck. If you're facing a wage garnishment, it's important that you find out exactly what your rights are, so that you can protect yourself and prepare for any life changes that may occur if you are fired for wage garnishment.
An IRS wage garnishment is an extremely difficult process to deal with. The federal government has given the Internal Revenue Service the authority to garnish employee earnings, and the agency often resorts to this action in severe cases of back tax debt. Once the IRS begins garnishing your wages, it will generally continue to do so until the entire tax bill is paid in full, no matter how long that takes. Despite its authority, the IRS has to follow certain wage garnishment guidelines.
Have you had your wages garnished by the IRS? If so, you may have several questions about IRS wage garnishment such as how long the process will last and what you can do to resolve it. The prospect of the IRS garnishing your wages can be extremely unsettling, but if you're facing this situation, you can ease some of your concerns by learning what's involved.
Some taxpayers think that the IRS can garnish wages without warning but the agency actually has several procedural rules that it follows when agents begin the wage garnishment process. By learning about the IRS rules for wage garnishment taxpayers who have outstanding back tax balances can prepare themselves to stop the wage garnishment process and avail themselves of the options they have.
