Information About Garnishments Due to Defaulted Student Loans - The Bills.com Blog

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Information About Garnishments Due to Defaulted Student Loans

Question: Is there anyway I can stop garnishments of my check due to default student loans?

Answer: A wage garnishment occurs only after a creditor files a suit against you in court and succeeds in getting a judgment against you. Once a judgment is passed, there is little you can do to stop the garnishment. Even filing for bankruptcy protection will not help you. Bankruptcy options on studentloans have shrunk to a very few. Changes to the Bankruptcy Code in late 1998 made student loans non-dischargeable. Changes in 2005 made even private student loans non dischargeable. The best that bankruptcy can do with respect to student loans may be to eliminate other debts that compete for the borrower's dollars, or to provide a measure of peace during a

Chapter 13 case. Some courts will permit debtors to separately classify student loans in Chapter 13 and pay them a greater percentage than other unsecured debt.

For more information on what can happen if you default on your student loans, please visit www.nolo.com

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I also encourage you to read more on the Student Loans information page on Bills.com available at: http://www.bills.com/student-loans/.

I hope the information provided helps you Find. Learn. Save.

Best,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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