economy
Can you qualify for credit card debt forgiveness if your wages have been garnished?
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TL;DR
- Wage garnishment does not prevent qualification for credit card debt forgiveness and can serve as proof of inability to repay.
- Key factors for debt forgiveness include inability to repay, proof of financial hardship, and a significant debt load ($7,500-$10,000 minimum).
- Even with forgiveness, a lump-sum payment for the remaining balance may be required, which can be challenging with garnished wages.
- Tax implications exist as forgiven debt is considered income.
- Alternative debt relief options such as debt management programs, consolidation loans, or bankruptcy should also be explored.