Took out a private student loan for instrumentation school did not graduate ran out of money tried working an going to school got 3 to 4 hours sleep a night had to drop out.
Got a garnishment of 25% of my wages by lender Borrowed 30,000 garnishment is for 52,000 plus 7.5% interest on the $52,000 till paid off had to sell my house, truck and lots of stuff to downsize so I would still be able to live got divorced over it. What can I do?
Well if you don’t do anything to fight back against the private lender then you’ve learned what can happen.
I’m have some concerns about that school you went to and if they were even accredited. If not, you debt would have been able to be discharged in bankruptcy. Read These Private Student Loans Can Be Easily Discharged in Bankruptcy.
Talking to a local bankruptcy attorney about if that debt is protected or not protected in bankruptcy because of the type of school, would be my first choice at this point.
Outside of that you could file a chapter 13 bankruptcy to stop the garnishment, change jobs and let them chase you to garnish your wages again, or move to a state like Texas where you probably can’t be garnished. However those last two options will make the balance owed worse instead of better.
If you would like to contribute a guest post like this one, click here.