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LeoGlossary: Garnishment
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Also Garnish.
A removal of funds from one's bank account due to a debt that is being collected after legal action. If money is owed to an individual or company, they can file a lawsuit to try and collect.
Instances where this could happen when a creditor:
- sues to collect the debt
- wins a court judgment
- obtains a court order authorizing it
Other assets can be garnished too.
This is also done by government entities in the case of taxes or child support.
Posted Using LeoFinance Beta
