Wage Garnishment Calculation Guide

Summary

In Ohio, wage garnishment requires a court order, and creditors must calculate the outstanding balance. They are not necessarily required to account for previous payments unless disputed. If you paid $2,380 toward a $4,473 judgment, only the remaining balance should be garnished. Verify with the court or a legal professional to ensure proper accounting. To calculate the total amount owed, consider the principal, late charges, and interest rate. Consulting a legal or financial expert can provide more accurate results.

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This is the case docket https://caselook.lakewoodcourtoh.gov/docket/*/54457606n2e29jda9x3hl50t55kuv52fp474mdqg3rx3w5nksg1gk67ma7c7v18r
To help you understand how much you may still owe, it's important to know the type of debt involved. This can affect the calculations of your remaining balance and how garnishments are applied. Could you provide more details about the nature of the debt?
Personal loan
To estimate how much you might still owe on your personal loan after garnishments, consider the following:
- Outstanding Balance: Check your loan statements for the remaining principal.
- Interest Rate: Calculate interest accrued over time.
- Garnishment Amount: Subtract the total garnished amount from the outstanding balance.
You may want to consult with a financial advisor or attorney for a precise calculation. If you have specific questions about the garnishment process, feel free to ask!
Can they garnish my wages without calculating how much I had previously paid prior to garnishment?
Case Rating: *
In Ohio, wage garnishment typically requires a court order. The creditor must calculate the outstanding balance, but they are not necessarily obligated to account for previous payments unless disputed. It's advisable to consult with a legal professional to review your specific situation.
I paid * of the * judgement via money orders until the garnished me for being late on a payment can they still garnish for *?
Case Rating: *
In Ohio, creditors must follow court orders for garnishment. If you previously paid $*,* toward a $*,* judgment, only the remaining balance should be garnished, not the full amount. It's crucial to verify with the court or a legal professional to ensure the creditor properly accounts for past payments. Would you like more information on how to challenge this garnishment?
“For the principal balance of *,*.* PLUS LATE CHARGES IN THE AMOUNT OF $*.*, PLUS INTE REST ON THE PRINCIPAL BALANCE AFTER MARCH *, * AT THE RA TE OF *.* PERCENT PER ANNUM” how much would that total?
To calculate the total amount owed, you can use the formula for compound interest. For simplicity, assuming simple interest since March *, *:
*. Principal: $*,*.*
*. Late Charges: $*.*
*. Interest Rate: *.*% per annum
*. Time: Since March *, calculate the time in years until now.
The formula for interest is:
\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]
Then, add the late charges to the principal and interest.
This calculation can be complex, and consulting a legal or financial expert may provide more accurate results. Would you like more guidance on challenging the garnishment?