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Re: Does anyone know?? Garnishment & Student Loans


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Posted by cddfisher (152.163.189.170) on January 23, 2003 at 19:49:08:

In Reply to: Re: Does anyone know?? Garnishment & Student Loans posted by LadynRed on January 23, 2003 at 15:41:08:

From reading your post I assume that you are indicating the money that was deposited to your account was funded from a student loan. The creditor with a judgment against you attached those funds and had them removed. The bad news is that I am unaware of any reason why the funds would be exempt. Generally exemptions are SSI, welfare, a large percentage if not all of wages etc. The good news is that under the Bankruptcy Code, any money taken under these circumstances within 90 days of your filing if taken on a past due debt that allowed the creditor to benefit over others must be returned. It is called a preference under Section 547 of the Code. Finally, I strongly suggest you hire a bankruptcy lawyer. Usually they cost only $500-750 to file a Chapter 7 and you can find ads in your yellow pages. While many people think they can do it alone, it is a complicated set of laws and even to get return of the funds taken could require a proceeding in the Court if the creditor refuses to turn it over. Good Luck


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