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Question 9 of 20

Garnishment of wages means that a:

A. creditor is earning interest on your wages.

B. lender is going to take you to court to collect on a debt.

C. lender is taking money from your paycheck or bank account.

D. creditor is going to foreclose on your property.



Answer :

GinnyAnswer

Final answer:

Garnishment of wages involves lenders collecting debts from a person's paycheck or bank account, with federal law allowing garnishment of up to 15% of disposable income.


Explanation:

Garnishment of wages means that a lender is taking money from your paycheck or bank account as a way to collect on a debt. Federal law allows the loan holder to garnish up to 15% of your disposable pay, with notice provided beforehand.

Disposable income is calculated as personal income minus personal current taxes, giving the amount subject to garnishment.


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