My student loans are garnishing my wages. The loans were changed so many times it's hard to figure anything out. 3 collection agencies are garnishing my wages, I get no statements and expect more to begin. I can't survive financially. My question is: Will filing for bankruptcy stop the wage garnishments? I know I would still owe principal balance on the student loans. Does it clear accrued interest?
Answer
Student loans have long been considered non-dischargeable, but there is a way to get them discharged if the facts are right. Filing a bankruptcy will stop the garnishment, but what you need is a bankruptcy lawyer, and you might just want to file a chapter 13 as opposed to a chapter 7.
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