Wage Garnishment. The government can step in and garnish your wages, taking money out of each of your paychecks. This can severely impact your livelihood and make the payment of other bills all the more difficult. Unfortunately, the government can do this without ever taking the issue to court.
No Tax Refund. Undoubtedly, the best part of doing taxes is getting a tax refund. However, if you fall behind on student loan payments, you may find that your tax refund never reaches you; your tax refund may be intercepted to cover delinquent payments.
Collection Fees. In addition to having your wages garnished and your tax refund taken, you may also have collection fees tacked on to your balance.
These repercussions can have lasting effects on your financial security. It is important that you do what you can early on to ensure that you do not face wage garnishments or seized tax refunds, and that you do not end up paying more than you have to for your education. Seeking the assistance of an attorney before you lose control of the situation can save you time, energy and money.
SM Law Group Can Help
But how can an attorney help with your student loan debt? If you seek assistance early enough, an attorney can help you explore alternative options, including income based repayment plans. Working with a professional can ensure that your situation receives the best possible outcome. Our attorneys will work to minimize your payments to a manageable rate, and even work to reduce the amount of your loans entirely. Navigating student loan plans, default and bankruptcy options, and wage garnishments and other negative repercussions can be stressful, but having a professional working with you will hopefully give you some peace of mind about your situation.
We can help you fight back against the seizure of your wages and the often relentless advancement of collections officers. It is difficult to respond to the abuse of collections agencies, and you may wish to seek a lawsuit against such agencies under the Fair Debt Collection Practices Act, which was enacted to protect consumers from unfair practices subscribed to by debt collectors.
Whether you are trying to prevent further financial hardship or fighting against an abusive collection agency, contact our offices today to schedule a consultation. Our attorneys are experienced in protecting and guiding customers in regards to their debt; we can help you with your student loan, and can advise you on the steps you should take both now and in the future with regards to your student debt.