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Why delinquent student loan borrowers may struggle to get a mortgage
A key reason to address a defaulted or delinquent student loan debt is to avoid wage garnishment. “When wage garnishment starts you are stuck,” Cohen said. “You are issued a 30-day letter and then garnished. There is no lawsuit (required).”
Two student loan borrowers who filed for Chapter 13 must fully pay off their loan debts within a five-year period under their bankruptcy plans, a federal circuit court ruled.
As the U.S. Department of Education prepares to resume involuntary collection of defaulted federal student loans, borrowers ...
Notably, defaulting on a student loan can lead to a legal battle in bankruptcy court, where borrowers must prove "undue hardship" to have the debt discharged. Moreover, certain federal ...
"Just today, for instance, I had two bankruptcy calls regarding student loans," Fernandez told KHOU 11. Fernandez said the involuntary collection by the government can be crippling for some.
The top court says a person must wait seven years after finishing their postsecondary studies before they may be released ...
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