Generally speaking, when a borrower defaults on a loan, the creditor pursues a money judgment against the debtor.
Student loan debt now exceeds one trillion dollars. Some student loans are made through private lenders, but most originate from, and are guaranteed by, the Federal government.
Defaults on student loan debt will likely rise, and legal action to enforce the defaults will increase as well. Enforcement of defaulted student loan debt will likely trend upward, and affect many members of the workforce.
Wage garnishment will become more commonplace and having experienced legal counsel will be important for creditors who want payment.
The pressures of the recovering economy, stricter credit guidelines, and looming rises in student loan rates all come into consideration for student loan debtors – and for their creditors.
If you would like more information about creditors’ rights, student loan creditor’s remedies, or if you need assistance from an attorney, contact Windtberg & Zdancewicz to schedule an initial consultation.
The attorneys at Windtberg & Zdancewicz, PLC, provide clients with experienced legal representation in all collection matters. We are experienced in creditor’s rights including garnishments, charging orders, attachment, property execution, trustee’s sales, foreclosures, judgments, judgment collection, domestication of foreign judgments, and creditor’s issues in bankruptcy cases. If you need assistance with your collection matters, please contact us at (480) 584-5660.