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garnishment |
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garnishment A process involving three parties: • Judgment creditor. The party who takes a judgment against a debtor (can also be the IRS or a state's Department of Revenue). • Judgment debtor. The party who owes the debt. • Garnishee A party who owes money or holds property belonging to the judgment debtor. In this legal process, the judgment creditor obtains a court order requiring the garnishee to turn over funds or property to the judgment creditor instead of to the true owner, the judgment debtor. The most common garnishments are against employers, requiring them to withhold a portion of wages and salary and pay it to the creditor rather than to the employee. The second most common garnishment is against a bank, ordering it to turn over bank account funds to the judgment creditor or the IRS. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Enforcing a garnishment costs the IRS money and they would rather settle in another manner, even if it means allowing the taxpayer to settle for less than the total amount owed. The garnishment consists of a warning, in the form of a judgment, to the third party, called the garnishee, not to deliver the The garnishment consists of a warning, in the form of a judgment, to the third party, called the garnishee, not to deliver the |
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