Illinois Garnishment Bond

Illinois Garnishment BondOne lesson post graduates learn is that if you do not pay your student loans, your wages will be garnished. The health of the economy is secondary, loan payments must be made as scheduled to avoid default. Loan providers can garnish wages, assets, or bank accounts while the matter is settled. Because of the strain garnishments can cause to a person’s financial stability, the state of Illinois mandates the plaintiff take out a garnishment bond to protect the defendant from a financial loss.

An unpaid student loan is just one area of default happening to people daily. Back payments on mortgages, payment on furniture, failure to pay child support, and even car notes can lead to garnishments. The garnishment bond covers the amount sought, as well as giving the defendant financial recourse in the event the court rules in their favor. Garnishment bonds are mandated by Illinois courts if the plaintiff wishes to garnish the defendants accounts before a judgment is made. This surety bond cannot be waived.

The final Illinois garnishment bond cost is determined by the court, but is typically worth double the garnishment amount. The surety bond amount is also based on court cost that may be accrued during the period of garnishment. Jurisco works with garnishment bonds in every Illinois city including Springfield, Chicago, Naperville and Joliet. We can help you find the right Illinois garnishment bond when you contact us today.

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