STUDENT LOANS AND SOCIAL SECURITY BENEFITS

As a result of a 1996 federal law, the federal government is allowed to offset payments to people, including social security benefits and tax refunds, if they have any type of defaulted debt owed to the federal government, including student loans.  Thousands of retirees are being faced with the threat of having Social Security withheld for student loans.   In a recent report, it was shown that the federal government withheld Social Security for close to 115,000 retirees on the grounds of unpaid student loan debt.   This has doubled from 2011.  In 2000, there were just six cases.

For many people, the fact that Social Security is being withheld at all is a shock.  Normally, Social Security benefits cannot be touched by creditors.  There are criteria on how much the government can withhold but they must leave $750.00 on each monthly check.    If one was working a job that would translate into 174.42 per week after tax.   People having Social Security withheld fit a broad range, not just those who recently left college. Many of the people are older and delinquent on a range of loans, including federal student loans parents took out for their children.

Get Trusted, Experienced Bankruptcy Counsel Today

Applying decades of experience, Steven Taylor will assess your financial situation and hear you out on your goals. You can cure the arrears of the student loans in  bankruptcy which can be paid as part of your Chapter 13 plan, over time, making Chapter 13 an affordable solution as well as a life-changing one for many people with debt problems. To discuss your immediate concerns and long-term financial challenges, request a free telephone consultation with Steven Taylor today.  He can help you find the best solution to take of student loans and take decisive action to regain your financial foothold.

Steven P. Taylor, P.C. | Indianapolis Chapter 13 Bankruptcy Lawyer

Contact the law firm of Steven P. Taylor, P.C. today at (317) 271-1111 for a consultation about whether you should file for Chapter 13 bankruptcy in Indiana or email us your questions.  

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Prior to your first meeting with my office, please complete the above downloads. They can provide me with further insight into your financial situation and allow me to determine if Chapter 13 bankruptcy is appropriate for you.

Steven P. Taylor, P.C. | Indianapolis Chapter 13 Bankruptcy Lawyer

Contact the law firm of Steven P. Taylor, P.C. today at (317) 271-1111 for a consultation about whether you should file for Chapter 13 bankruptcy in Indiana or email us your questions.  Steven P. Taylor will assist you in determining whether a Chapter 13 bankruptcy is the best path for you, and will guide you through the bankruptcy process