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    alb4175's Avatar
    alb4175 Posts: 4, Reputation: 1
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    #1

    Dec 26, 2006, 03:43 PM
    Garnishment
    The government is starting to garnish my wages for student loans. Do I have any options or am I royally screwed?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Dec 26, 2006, 04:04 PM
    Well before they started the garnishment, you had a lot of options, to work out payment plans, I would ask how old is this loan, and how many years have you had a chance to be making payments to them.

    So I am sorry if screwed does not seem like the right term since it was you that took the loan out to go to school, agreeing to pay the loan back.


    So they have a right to do this and if this is a legal loan, there is little you can do.
    alb4175's Avatar
    alb4175 Posts: 4, Reputation: 1
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    #3

    Dec 28, 2006, 06:48 PM
    I was thinking bankruptcy. Normally I would deal with this, but I can't support my family on $200 a week. Because of that, I have to do something
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Dec 28, 2006, 07:13 PM
    Sorry but no, in almost no cases do they allow student loans to be discharged under the bankruptcy courts.

    Please of course always consult a bankruptcy attorney for legal advice, but there would have to be extreme reasons to allow it, I would say less than 1 percent get approved by the bankruptcy courts, they can discharge all the other debts, so that you can perhaps afford to make payments to them easier.

    How much is owed, have you looked at getting a new loan since there are various programs to refinance your students loans, ( I am not sure at this point,)

    In the end, unless they will work out an agreement with you, they get their garnishment, It should be about 25 percent of your pay, if they are talking 50 percent, you can file with the court and see if they will lower the amount of the garnishment each paycheck.

    Often a second job will be needed
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Dec 28, 2006, 07:58 PM
    Quote Originally Posted by alb4175
    The government is starting to garnish my wages for student loans. Do I have any options or am I royally screwed?
    You are not the screwee but the screwor. You borrowed money and got an education for it. You promised to pay back that money under very liberal and generous terms. You screwed the govt out of the money by not paying it back. You forced them to go through the process of getting a judgement and filing a garnishment against you.

    As Chuck said, you have had many options along the way that you passed up. Now your options are at an end.
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