Georgia Debt Relief
Georgia Credit Card Debt law allows creditors four years time to file a lawsuit over unpaid open-ended credit debt. The Statute of Limitations (SOL) starts running the day the first payment was missed. Like in most states, any subsequent partial payments resent the SOL to the date of the partial payment. The Defendant has 30 days to answer a summons, and should send the answer by certified mail.
Once a judgment is made, the creditor has 7 years to collect the debt, which gathers interest at 12 percent per year, one of the higher rates nationwide. The judgment may be renewed even if it becomes dormant, by filing a motion with the court. Georgia allows the debtor to claim exemption for any combination of real and personal property up to a value of $5,000. Special provisions apply in the case of bankruptcy.
Wages can only be garnished once a judgment has been entered. Limits are set in accordance with federal law, limited to 25% of the debtor’s wages or those earnings that exceed 30 times the federal minimum hourly wage for a given week.
Instead of fighting an uphill battle through the courts, many consumers decide instead to pursue Debt Settlement, a method that lets them pay back debt over time without paying interest. This helps thousands avoid bankruptcy and pay back debt with more freedom than court-ordered wage garnishments would give. Instead of paying 75% of their income to a creditor, consumers can have a say in how much they pay every month.