2007-12-19 17:49:20 · 4 answers · asked by eric j 2 in Business & Finance ➔ Taxes ➔ United States
Usually the answer to this question is, no they can't. But, I don't know who 'they' are?
2007-12-19 18:16:33 · answer #1 · answered by Russ B 6 · 0⤊ 0⤋
No, they cannot touch a student loan. Usually it is disbursed to the school and any excess is sent to you in the form of a check after your courses and fees have been paid for. Depending on who holds the judgement against you, and the amount of the judgement, most likely all it will do is show on your credit report and keep you from getting a credit card, and that is if they report the judgement to the credit reporting agencies. Even if they do report it, dispute it. Or just make payments of like $5 per month and they can't do anything to you because you are attempting to repay the debt.
Unless it's a government agency they cannot touch funds in a bank account without a court order. A judgement is only a court decision stating you owe the debtor a certain amount of money, not license to take any money from you. They report it to credit bureaus and send you threatening letters and call you. Unless you owe a significant amount, don't worry about it. Try paying it off a little at a time if you ever want a credit card or want to take out a loan for a house.
2007-12-20 05:23:26 · answer #2 · answered by Devil D 1 · 0⤊ 0⤋
keep your funds off any official record that requires your social security number, because that is how they search for assets (bank account) and income (job). How do you plan to pay the judgement?
2007-12-20 04:06:22 · answer #3 · answered by Mike 7 · 0⤊ 0⤋
they can get a order for any bank accounts. mostly they
have to find the money. open new savings account in a bank or credit union you have never banked with don't tell anyone about it don't apply for credit their.
2007-12-20 02:53:41 · answer #4 · answered by Curtis R 4 · 0⤊ 0⤋