in trouble

Date: Sat, 01/03/2009 - 07:51

Submitted by anonymous
on Sat, 01/03/2009 - 07:51

Posts: 202330 Credits: [Donate]

Total Replies: 2

in trouble

My student loans est. 66,000 now with interest and penalties they are up to 115,000. My income tax has already been garnished what are my choices? Would bankruptcy help?

Would bankruptcy help? I'm very new to the forum therefore oth

Would bankruptcy help?
I'm very new to the forum therefore others will have a better response for you but it is my understanding that any Federally guaranteed Student loan is not affected by Bankruptcy. Also that they will be on your credit reports indefinitely.

Someone with more knowledge, please elaborate on this for us.

lrhall41

Submitted by judygrl on Sat, 01/03/2009 - 14:44

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Nope...student loans are non dischargeable under the bankruptcy

Nope...student loans are non dischargeable under the bankruptcy laws, both federal and private.

Since your taxes have been garnished I can easily assume they are federal loans.You either want to rehab or consolidate with the direct loan program. Leaving them in default, especially with a balance in excess of $100K makes you a prime candidate for garnishment and being sued. Talk to the CA who is handling the account.

lrhall41

Submitted by SOAPLADY on Sat, 01/03/2009 - 15:49

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