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How Can I Stop Student Loans from Taking My Taxes?

Credit Corp

If it does, you’ll receive a refund offset notice in the mail in advance of the proposed refund garnishment. If you pay your student loan balance before the IRS issues your tax refund, your refund won’t be garnished. What Happens When Student Loans Take My Tax Refund? To garnish—i.e.,

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Charged Off as Bad Debt: An Explainer

Credit Corp

When you miss too many payments, your creditor may charge off the debt. When your debt is charged off as a bad debt, don’t fool yourself into thinking it goes away. A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. Consolidate your debt.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

While debt is not eliminated , it is significantly reduced. Complete protection from creditors – This includes wage garnishment and debt collection. Classification of obligations – Define the difference between debts incurred with a third party and those incurred with oneself. medical debt .

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What Is the Difference Between Chapter 7, 11, and 13 Bankruptcies?

Credit Corp

Bankruptcy does have some benefits, such as potentially putting a stop to wage garnishments or foreclosures. You typically can’t apply for most types of credit, including a mortgage, auto loan or significant personal loan, without getting the court’s approval if you’re in the middle of a Chapter 13 bankruptcy, for example.