After a judgment is entered against you in court, what happens? First, a sheriff or marshal or other state authority may notify your employer of the judgment and the garnishment. Depending upon the state, the amount garnished will vary, but it is usually a percentage of your paycheck, less certain exemptions offered by state law.

One of the primary concerns in agreements between private parties can be running afoul of usury laws. Usury laws set limitations on the amount of interest which can be charged, and these rates vary by state. States have these rules so that certain institutions or persons cannot take extreme advantage of another person in a less equal financial position.

Most contracts are based on common law elements. The elements of most basic contracts are:

1. Offer
2. Acceptance
3. Consideration.

In order to determine whether a contract exists, understanding of these elements are needed.

Offer

Chapter 13 Bankruptcy has some limits that are subject to being changed by Congress, so one should always consult with a specialist at the time Bankruptcy may be sought as a remedy before reaching a decision to do so. Contact member services and be paired with a Chapter 13 is available to wage earners, small business owners and professionals, but may not include everyone.