Legal Question in Credit and Debt Law in Illinois
I had a citation from a creditor that froze my bank account. I will represent my paychecks within last 12 months on the return date, so that the court decides about a garnishment on my paycheck.
How can I use the non-wage exemptions to decrease the garnishment from 15% to a lower amount? I pay a very high amount of mortgage, plus car loan everymonth. and losing 15% of gross salary will not leave enough money to pay the routine bills (mortgage, car loan, college tuition for my kid, and utilities).
when they say "up to $15,000 of equity value" is exempt, is this a monthly payment on the mortgage? How this exemption works?
Thank you!
1 Answer from Attorneys
The exemption is to the value of the equity in your house, nothing to do with your monthly mortgage payment. If after deducting the gross amount of your mortgage, our house has any value then you can deduct the 15K. The wage deduction law is simple. The only thing you can do is explain your situation to the court and ask that he reduce the percentage Doubtful, but possible. You we the money. This is probably not the first thing you received. You should consider offering a money payment to the creditor.
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