Resolvly has its unsecured debt eliminating experts explain how the upcoming $1,400 stimulus checks could be legally withheld from individuals for unpaid debts.
BOCA RATON, FLORIDA, UNITED STATES, April 2, 2021 /EINPresswire.com/ — Debt resolution experts at Resolvly comment on the possibility that the new $1,400 stimulus checks going to people with unpaid debts could, at this time, have their stimulus checks garnished. Certain consumer and banking groups are fighting for this situation to change.
Resolvly is based out of Boca Raton and is a Florida Bar-approved attorney referral service. The organization assists customers all over America and connects those it helps with consumer protection lawyers that are debt resolution specialists. Resolvly links consumers with the company’s network of attorneys that prioritize protection and enforce their clients’ legal rights.
The third round of direct stimulus check payments is a part of the $1.9 trillion coronavirus relief package. This round of payments is a part of a process titled budget reconciliation, which means that the money is not protected from being garnished for unpaid debts.
Resolvly experts say that similar to the two rounds of checks received over the past months, the $1,400 stimulus checks will have eligibility rules attached depending on specific requirements, like income.
Groups such as the American Bankers Association have already sent a letter of concern addressed to Senate and Congressional leaders pushing for exemption from garnishment for the direct payments. The letter stated that many families in the United States are currently struggling to stay financially afloat, and those families who already have debt desperately need the $1,400 stimulus check. Bank accounts have the potential to be frozen by garnishment orders, which will limit any access to the funds. As a rebuttal to the present circumstances, banking and consumer trade groups are calling on Congress to avert depository institutions from being forced to pay creditors who strive to garnish and freeze bank account by passing a standalone bill addressing the issue.
In regards to what kinds of unpaid debts are vulnerable to garnishment, there are three that qualify. According to the Tax Foundation Senior Policy Analyst Garrett Watson, these three types of unsettled debts include unpaid private debt, IRS tax debt, or other government debt. People who are subject to having their stimulus checks garnished for unpaid debt do not have much of an option in regards to taking action against having their funds being taken, except to close their accounts. However, closed accounts mean a longer wait time with receiving a stimulus check. Time is running out for a change to be made, as some $1,400 checks are already making their way into people’s accounts, and the flood is predicted to come soon.
For more information about Resolvly or to schedule a free consultation, visit their website at www.resolvly.com, call the toll-free number (866) 955-5047, or email firstname.lastname@example.org.
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. Founded in 2015, the Boca Raton-based company has become an industry leader by helping thousands of Americans find the right, legal-based solution to reduce or eliminate their unsecured debt. Resolvly helps with credit card debt, private student loans, business debt, medical bills, and vehicle repossessions.