Some American Senior Citizens are finding out their Social Security payments are being reduced to pay decades old school loan debt.
There's a movement to block that garnishment of SSI income.
There are two sides here. People who took out student loans should repay them. But there have to be limits on collection. Congress has protected the bankers who made the loans from losing their money be excluding school loan debt from bankruptcy.
That's right, you can be so overwhelmed by debt that the courts will allow you to start over (with a terrible credit history) , writing off most of the debt. But the school loans live on forever. Till death do you part from them. Student debt is not discharged in a bankruptcy filing of Chapter 78 or 13. Why? What makes student debt different? I don't have a clue.
HERE is a list of the other kinds of debt that are not discharged through bankruptcy. It includes child support and tax bills.
[Saturday Data is a regular feature of TimLennox.com]
There's a movement to block that garnishment of SSI income.
There are two sides here. People who took out student loans should repay them. But there have to be limits on collection. Congress has protected the bankers who made the loans from losing their money be excluding school loan debt from bankruptcy.
HERE is a list of the other kinds of debt that are not discharged through bankruptcy. It includes child support and tax bills.
[Saturday Data is a regular feature of TimLennox.com]
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