Management Glossary

  Search Results: garnishment
A court-ordered transfer of property (typically money) from one party to another to satisfy an outstanding debt. For example, after a creditor (the person or company owed funds) wins a lawsuit against a debtor (the person who owes the funds to the creditor), a court may order the debtor's employer to transfer a portion of the employee's wages to the creditor. The same portion of wages may be garnished every pay period until the debt (including interest if the court so orders) is paid in full. A government may garnish an employee's wages to collect back taxes, but the creditor can also be an individual or corporation.
Contributed by: ManagerWise Staff

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