This Business News Story Was Uncovered By Us From: https://nopassiveincome.com/can-debt-collectors-touch-your-side-hustle-earnings/
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The gig economy is booming, and having a side hustle is more common than ever. From freelance design to blogging, and running an e-store to affiliate marketing, earning cash online has become normalized. It’s a great way to boost your income, especially if you’ve got unpaid debts, and even more so if paychecks from your main job are taking a hit from wage garnishment. However, it may leave you nervous about whether debt collectors can come after your side hustle money, too.
What Is Wage Garnishment?
Photo by Vika Strawberrika on Unsplash
Wage garnishment is a last-ditch legal debt collection process that involves your employer withholding a chunk of your paycheck. They send the funds to the court, where it’s forwarded on to your creditor for payment of the outstanding debt. It usually happens after a court order, though in some jurisdictions, unpaid taxes can be garnished from wages without one. Aside from taxes, wage garnishment is most common for things like unpaid credit card bills, fines, and child support.
Does It Apply to Side Hustles?
Since your employer is the one who receives the order and makes the deductions, your first instinct may be to think that side hustle income is safe. With no employer to garnish (or in the case of self-employed, you are your employer), it’s not quite so simple when it comes to accessing the funds. Debt collectors can go after your side hustle earnings in other ways:
Court orders: Creditors can ask a judge to order payments from your self-employed income.
Bank levies: If you deposit money from your side hustle into a personal account, it could be frozen.
Payment processors: In some cases, platforms like PayPal or Stripe can be monit… Read More
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