G Flashcards
1
Q
What is Garnishment?
A
The process of deducting money from an employee’s monetary compensation, including the debtor’s salary. Depending on the state you live in, the creditor may be able to garnish your wages after they have won a judgment against you. In accordance with Federal law,
most of states protect 75% of your net earnings.
A garnishment can be reduced depending on your financial situation at the judge’s discretion.
2
Q
What is Gross Income?
A
Gross is the total amount before any deductions. For example, gross salary is the total amount of your salary before the deduction of tax and National Insurance.
3
Q
What is Guarantor?
A
A guarantor is someone who agrees to pay a debt if the person who owns the debt fails to do so.
