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New Mexico Motion of Defendant to Discharge or Quash Writ of Garnishment and Notice of Motion - Funds Exempt by Law from Garnishment

Category:
Collections - Garnishment - Motions
State:
Multi-State
Control #:
US-01673BG
Format:
Word; 
Rich Text
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Description

The federal benefits that are exempt from garnishment include:


" Social Security Benefits

" Supplemental Security Income (SSI) Benefits

" Veterans' Benefits

" Civil Service and Federal Retirement and Disability Benefits

" Military Annuities and Survivors' Benefits

" Student Assistance

" Railroad Retirement Benefits

" Merchant Seamen Wages

" Longshoremen's and Harbor Workers' Death and Disability Benefits

" Foreign Service Retirement and Disability Benefits

" Compensation for Injury, Death, or Detention of Employees of U.S. Contractors Outside the U.S.

" Federal Emergency Management Agency Federal Disaster Assistance.


Other exempt funds include:


" unemployment income,

" some social security disability income payments,

" some workman's compensation payments, and

" some joint account funds if the account is held by spouses as tenants by the entirety and the judgment is against only one spouse.


Even if the bank account is in just your name, there are some types of funds that are considered "exempt" from debt collection under state or federal law. The rationale behind these laws is to allow people to preserve the basic necessities for living. Exempt funds remain exempt when deposited in checking, savings or CD accounts so long as they are readily available for the day to day needs of the recipient and have not been converted into a "permanent investment."

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How to fill out Motion Of Defendant To Discharge Or Quash Writ Of Garnishment And Notice Of Motion - Funds Exempt By Law From Garnishment?

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FAQ

How You Can Stop Garnishment Claim exemption. Some of your wages or income may be exempt due to the type of income received. ... Pay the debt. By paying your debt in full, either through a consolidation loan or other means, you can stop wage garnishment. ... File for bankruptcy.

The Garnishee can pay the Creditor up to 25% of the Debtor's disposable earnings as long as the Debtor receives at least 40 times the hourly federal minimum wage per week. A Garnishment of wages continues until the Judgment debt is paid in full or until the Debtor is no longer employed by the Garnishee.

Wage Garnishment Laws By State New Mexico limits garnishments to either 25 percent of your disposable income or the amount by which your disposable earnings surpass 40 times the federal minimum wage, whichever is a lower amount.

PURPOSE OF THIS NOTICE: This notice is to tell you that some kinds of property or money may NOT be taken from you even after the court has ruled that you owe the judgment creditor money. This property is protected under state law.

One way to collect upon a judgment in New Mexico is to obtain a judgment lien A judgment lien gives the creditor the right to be paid a certain amount of money from proceeds from the sale of the debtor's property. The judgment creditor will need to identify where the defendant (now the judgment debtor) has property.

If the Garnishee files an Answer that, for example, it is holding money or wages of the Debtor, then the Court may enter a Judgment on Writ of Garnishment and Order to Pay, which orders the Garnishee to pay a portion of Debtor's money or wages to the Creditor.

You may claim an exemption by filing with the Court a Claim of Exemption (garnishment) form. There are limits on how much of your wages may be taken. You do not need to file a Claim of Exemption form to protect your exempt wages.

New Mexico Motion of Defendant to Discharge or Quash Writ of Garnishment and Notice of Motion - Funds Exempt by Law from Garnishment Related Searches

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New Mexico Motion of Defendant to Discharge or Quash Writ of Garnishment and Notice of Motion - Funds Exempt by Law from Garnishment
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