Defaulting on student loans? Debtors could strip your bank account and paychecks -- even 30 years later

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Defaulting on student loans? Debtors could strip your bank account and paychecks — even 30 years later

Defaulting on student loans? Debtors could strip your bank account and paychecks — even 30 years later

Some of us might learn the hard way but it’s never to late to stop using anything involving banks or credit. If you cannot afford it via cash than you should not resort to credit cards or anything tied to the banks/government.

What do you think celebrities do with their cash? Certainly NOT kept in a bank vault!

HuffPO-

Those who default on their student loans are at risk of having their bank accounts drained and wages garnished — more than 30 years after the fact, according to a Bloomberg report.

Such was the situation that confronted 58-year-old Linda Brice, a first grade teacher in Los Angeles who defaulted on $3,100 she had borrowed more than three decades ago to pay for college.

Goldsmith & Hull, a law firm representing the federal government, withdrew $2,496 from her bank account and seized a quarter of her wages, which amounted to more than $900 a month. This was after the chief federal judge in Los Angeles sided with Brice, ruling that she should pay only $25 a month due to her financial state.

[HUFFINGTON POST]

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2 Responses to “Defaulting on student loans? Debtors could strip your bank account and paychecks — even 30 years later”

  1. Anthony Holt says:

    The first thing to do is have the lender or bank show where the money come from to fund the loan! In truth the bank created the money out of thin air! Now they want the borrower to pay them back plus interest on something they created from nothing!

  2. Ken Hansen says:

    This is an outrage. After a default, there should be a time frame in which the Federal Government can send “the dogs” after someone.
    The Bankruptcy code is blatantly unfair. Many people can find themselves unable to obtain adequate employment after an expensive education. Sometimes, they are simply too broke, after paying for every other need. It says a lot about America that we have such a system of harsh retribution, and I can name the past and present Senators who attacked us with their vision of “responsibility” in changing the Bankruptcy code. (Incidentally, our lawmakers need to look in the mirror and at the financial institutions they work for) Finally, please remember, that in other countries, excellent, high quality education is free!

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