What can a creditor garnish?

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What can a creditor garnish?

The creditor is bringing me to court so I am concerned about my 401k and employee pensions (vested) and 1 auto worth about $800. I also have 3 insurance policies that have loans against them and homestead home (no equity).

Asked on August 8, 2010 under Bankruptcy Law, Massachusetts

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Please calm down.  I understand that this is a very stressful time and it is hard to do so, but you need to take hold of the situation for you and your families sake.  Massachusetts has laws that permit exemption of your home (up to $100,000), autos up to $700 and 401K and pensions generally.  The life insurance annuities must state they are exempt from what I understand.  I will give you a link to read the statute below.

What you need to di is to seek help from a debt counseling agency in your area.  Check the state attorney general's website as a start.  Ask what your options are in a consolidation and repayment plan or possibly bankruptcy.  There is a light and you should not have to worry while you are rebuilding your life.  Good luck.

http://www.bcsalliance.com/debt1_massachusetts.html

The link above is purely for your own reading to educate you as to the law.  It is NOT an endorsement of the website or the services that may be offered.  Please do not use it as such.  Call you state attorney general's office for consumer debt help.


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