Legal Question in Credit and Debt Law in Michigan

wage garnishment

I have a student loan I defaulted on and they are threatening to garnish my wages. Is there anything I can do to prevent this? I would like to start making monthly payments but cannot afford large payments and they are requiring a large down payment to get into a payment arrangement and I'm not sure what to do. Also, if they do end up garnishing wages what is the maximum amount they can take?

Asked on 2/01/06, 10:22 am

1 Answer from Attorneys

Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: wage garnishment

Student loan defaults are difficult. Not only can and will they garnish your wages, but they will likely try to garnish your bank accounts as well, both individual and joint. You need to take steps to prevent this from happening. If you do not make satisfactory repayment arrangements, you cannot stop the garnishment of 25% of your net pay (gross minus taxes).

If you can get a loan from a family member to help you out, that might be a good idea.

This communication does not establish an attorney-client relationship. The information provided is based on limited and unverified facts.

Good luck.

Read more
Answered on 2/01/06, 5:24 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Michigan