How to Stop Wage Garnishment in Tennessee

Stopping wage garnishment is more likely if you begin negotiating with the creditor before a judgment is in place and garnishment is pending or currently active. When a wage garnishment is active and the creditor is receiving payment toward the unpaid debt, she is unlikely to accept anything less than what she is getting via the wage garnishment. Tennessee allows a creditor to garnish up to 25 percent of wages, and wages can be garnished up to 10 years after a judgment was issued. However, filing for bankruptcy can halt wage garnishment.

Instructions

1

Call a Tennessee bankruptcy attorney. If possible, select an attorney who practices in the county you live in. Choosing an attorney in your county will provide you with an attorney who is familiar with not only the Tennessee bankruptcy laws but one who is familiar with the local court staff and judges. Schedule a consultation. Make sure the attorney offers a free consultation. This consultation will be used to discuss your garnishment situation and determine if filing for bankruptcy may be an option for you.

2

Take your financial documents to an appointment with the attorney. Be prepared to tell him how much money you earn per month and how much you spend per month. Break your expenses into categories such as utilities, automobile, food, entertainment, clothing and other categories that pertain to your situation.

3

Listen to the information the attorney provides. He will explain the options for bankruptcy and the pros and cons. He will explain the laws Tennessee has for bankruptcy, including the bankruptcy exemptions allowed. If you feel bankruptcy is the best route for you, follow the attorney's advice to get him all the information he needs to have a bankruptcy petition filled out.

4

Review the completed bankruptcy petition with the attorney. When you are satisfied that all the information is correct, sign the petition and have your attorney file it with the Tennessee bankruptcy court. The attorney will then contact the creditor to inform him a petition for bankruptcy has been filed. The creditor must cease all garnishment efforts.

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What Is the Best Way to Pay Off Debt and Get Out and Stay Out?

Many struggle with paying the bills and wonder how to get out of and stay out of debt. The short answer is spending less than you earn, but that's not as easy as it sounds. Yet, budgeting wisely and living frugally will indeed get you out of debt, build your savings and forever end your money worries. Though the process may seem overwhelming, taking small steps will set you on the right path.

Instructions

1

Track your monthly expenses. Keep all your receipts for a month so you can begin to understand where your money is going. Tally it at the end of the month, separating into such categories as: utilities, rent, clothing, presents, entertainment and food. Make a note of payments occurring monthly and a few times a year.

2

Make a budget. Plan how much you will spend in each category. Some payments, such as rent or insurance, are fixed monthly expenses. Others, such as credit cards, groceries and utilities vary, so you have to estimate how much you can afford to spend. You may have to make some sacrifices, such as eating out less.

3

Reduce costs. Look for ways to spend less. For example, you may want to start using coupons when grocery shopping, reduce the number of your cable channels (or eliminate cable altogether) and turn off lights not is use.

4

Apply extra money towards your debts. The more money you allocate, the more quickly you will be out of debt. Stay focused on your goals to refrain from unnecessary expenditures.

5

Build your emergency fund. Even after you have paid your debts, maintain your frugal ways and put the extra into a savings account. If you ever have an emergency, like a medical problem your insurance will not cover, or a layoff, you can use this money instead of plunging again into debt.

6

Save for large purchases. Instead of going into debt for a large purchase like a new car or TV, save up first and pay cash.

7

Contribute to a retirement account. Use the 401K program if your company offers one. If not, you can save in an Individual Retirement Account (IRA). This ensures you will have a comfortable retirement and avoid debt.

8

Continue living below your means. Though you're out of debt, you will still want to budget your money, save and avoid debt.

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Federal Grant Search for Mortgage Assistance

The federal government offers many programs to aid homeowners and home buyers through the mortgage and foreclosure processes. However, there are no government grants for mortgage assistance, or for any personal purpose other than education.

Information

The federal government offers mortgage information and referral services through the U.S. Department of Housing and Urban Development (HUD). HUD's website includes a page called "Avoiding Foreclosure" with links to foreclosure avoidance counselors, state and local foreclosure resources and the Homeownership Preservation Foundation. The page also contains information on scams, refinancing and what to do if foreclosure is unavoidable.

Types

HUD financial services for homeowners include loan guarantees, mortgage insurance and federal income tax credits for home buyers. Their Making Home Affordable program can help you to work with your lender to refinance your existing mortgage.

Aid

Hope for Homeowners is a program offering mortgages for owners at risk of losing their primary residences. You may be able to refinance your existing mortgage into a new one through this program.

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How to Build Strong Credit

Building a positive credit report is one of the most important things you can do for your financial health. Good credit will lead to more approvals for new credit accounts and the best interest rates on credit cards, loans and mortgages. By opening new credit accounts and managing your credit responsibly, you can build a good credit report and score.

Instructions

1

Order a copy of your credit report from each of the three credit bureaus. You can get a free copy of your credit reports once a year through Annual Credit Report.

2

Review your credit report and ensure no negative items appear. If you do have negative items, contact the creditor listed on the report and make arrangements to pay the negative file, or dispute the file with the credit bureau using the form on the Annual Credit Report website if the debt does not belong to you.

3

Open a checking and savings account at a local bank. You will need to provide proof of your identity, such as your Social Security number and driver's license, and give the bank a small deposit to open each account.

4

Open a credit card. Many financial institutions offer credit cards that you can apply for online. If you have trouble opening a traditional credit card, open a secured credit card. You will need to put down a deposit before opening a secured card.

5

Open a store card. Apply in-person for a store card at a store you frequent. While you can only use the card in the store, it will report monthly to the credit bureaus.

6

Get a loan. Take out a small personal loan with your bank or apply for a larger loan, such as an auto loan, if you need one. Having a mix of credit types will raise your credit rating.

7

Use your credit card and store card sparingly throughout the month. Keeping your balances low will boost your credit score. According to personal finance columnist Liz Pulliam Weston, you should keep your credit balances below 30 percent of your available credit.

8

Pay at least the minimum amount due on your store card and credit card by the due date each month. Paying your bills on time has a large impact on your credit report.

9

Pay your loan payment by the due date each month.

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A Debt Reduction Schedule That Can Help

In the absence of a lucrative inheritance or unlikely lottery win, getting out of debt requires patience, determination and focus. By deciding on a practical and workable debt reduction plan and sticking with it, you can reduce and eventually eliminate your debts, as long as you have some kind of income and the willingness to do what it takes to become financially solvent.

Prioritizing

The most sensible debt reduction schedule gets rid of the debts that are doing the most damage first. Usually, these are credit card debts, because they almost always charge the highest rates of interest. By prioritizing these, you can terminate them first, which will free up the money that you were dedicating to credit cards to attack other debts. Laying out a practical plan that extends over several years will allow you to build up momentum and confidence in reducing your debts. If the plan is too ambitious, it is bound to fail and will undermine your will to cancel your debts.

Keeping Records

Knowing exactly where you stand financially is a central element in your ability to overcome your debts. Many people get into debt in the first place because they don't keep comprehensive records of their finances and don't realize how far into the red they are getting until it is too late. Keep a dedicated notebook in which you write down everything that you make and everything that you spend, with a separate column for each of your debts (credit cards, school loans, mortgage, car loan). This will give you a visual summary of just how in debt you are, and will make your situation more difficult to ignore.

Setting Goals

Setting a series of goals and achieving them one by one will increase your belief that you can actually eliminate your debts. The key is to make the goals challenging enough to make a difference but realistic enough that you can meet them. It's particularly important that you succeed in the first few goals so that you'll start off on the right foot. Make your goals firm but flexible; if you run into a financial setback, don't give up. Reassess your situation, modify your goals to your new circumstances, and continue to reduce your debts.

Sacrificing

Many people get into debt because they want too much. While this isn't true for everyone, there are a lot of people whose debts are the result of foreign vacations and expensive wine rather than true poverty. If you are serious about overcoming your debts, make peace with the fact that you will have to give some things up. Convince yourself that the peace of mind that comes with zero debt is worth more than two weeks in Cancun. Every time you give up a luxury, apply the money that you would have spent on it directly to paying down your debt.

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How to File a Credit Dispute of Student Loan Transfers

If you have a student loan, your current loan holder is required to notify you before selling the loan. In some cases, you may decide to transfer the loan balance from one company to another offering a lower interest rate. Regardless of the reason for the change in ownership, it is important that your student loan information is correct on your credit report. Any discrepancies require filing a dispute to have them corrected.

Instructions

1

Obtain a copy of your credit report. The three major credit bureaus include Equifax, Experian and Trans Union. If a creditor denies you for credit, the bureau must send you a copy of your credit report if requested. According to the Federal Trade Commission, consumers are entitled to a free copy of their credit report each year from the three bureaus. Visit annualcreditreport.com to order yours.

2

Review your credit report. If a closed account is showing with the original student loan holder, check the balance. Since you no longer owe that company, it should show a zero balance. A closed account with a timely payment history can have a positive impact on your credit score. Negative account information can remain on your credit report for seven years. If the loan is more than seven years old with a history of reported late payments or an outstanding balance, proceed to dispute the account.

3

Gather documents pertaining to your student loans. Prepare to supply a copy of your original loan paperwork, transfer letter, payment records and information about the new lender.

4

File a dispute with each credit bureau. While you can file disputes online, the FTC encourages consumers to file written disputes for their own protection. Write a letter to each bureau identifying the student loan you want to dispute and the reason you feel there is an error. Your letter should include personal information, such as your complete name and address along with copies of your supporting documentation.

5

Wait for a response. The Fair Credit Reporting Act allows credit bureaus 30 days to investigate disputes. If the information is not verified within the given time period, the credit bureau is required to delete the information. If credit bureaus do not have proper records on closed accounts or the previous loan company chooses not to respond, they remove the old account in question from your credit file.

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How to Know the Date You Are Supposed to Pay Your Fingerhut Payment

Fingerhut was founded in 1948 by William and Manny Fingerhut. The brothers originally sold automobile accessories but then moved to general retailing in 1952. The company is known for its relatively easy credit-granting process. The company send outs millions off catalogs annually. Fingerhut's credit program is administered by Meta Bank, which provides different credit options and low monthly payments.

Instructions

1

Check your monthly statement for the due date. According to Fingerhut customer service, the first page of your monthly statement lists the amount of credit granted, the products purchased, the amount due and the date the payment is due.

2

Call Fingerhut customer service at 1-800-208-2500 and provide the automated phone payment system with your account number and account identification information. The automated system will not only provide a due date but accept payment from your checking or savings account if you wish to make a payment at that time.

3

Go to Fingerhut.com and click the "My Account" link. If you have not established an online account, will need to do so to access your account information. When you log on as a registered customer, the system will ask for your email address and account number. The online system provides an account history, online payment options, due dates and balance information.

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