More than one garnishment?

[pambysue]

I have a hypothetical question. I have a couple debts that I am afraid will become wage garnishments before too long. Can you have 2 garnishments at the same time? I'm just curious because I could handle ONE 10% garnishment, but not two! One is for a deficiency on my foreclosure and the other is for a $3000 credit card debt. I had planned to file bankruptcy, but because of my overtime, my median income would be too high for a chapter 7 and with what I would have to pay into a chapter 13, I would be better off financially with a wage garnishment of 10%.
Another question..I plan to retire in 3 years. Can the garnishment continue on to my social security after retirement? And, can they take my 401k? I have no other savings or bank accounts.
Thankyou all for your input!

[lrprn]

Can you have 2 garnishments at the same time?

You're in NY, and New York allows a 10% garnishment or the federal maximum, whichever is less (http://www.bcsalliance.com/debt1_newyork.html).

The way I understand it, the first creditor to get the garnishment judgment granted by the court will likely take the whole 10%. Once the maximum NY 10% (or federal maximum) is gone, your wages can't be garnished by another creditor until the first creditor releases their garnishment. Then the next creditor can take their 10%, and so on. I'm not a lawyer, so be sure to confirm this with your attorney!

Another question..I plan to retire in 3 years. Can the garnishment continue on to my social security after retirement? And, can they take my 401k? I have no other savings or bank accounts.

Retirement accounts and social security benefits are protected by law from garnishment by non-government commercial creditors. However, the federal government can garnish social security to repay federal student loans, back taxes, child support, or other money owed to the government. gain, INAL (I'm not a lawyer ) so please ask your NY lawyer about this as well.

Hope everything works out in your favor, Pambysue!