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 noveloc
Joined: 04 Apr 2006
Posts: 1
0.07 Dollars($)
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 Posted: Tue Apr 04, 2006 10:46 am Post subject: garnishment |
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| will a quick claim deed to my son be able to stop a judgement against property for student loans? |
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jameshogg
Joined: 20 Dec 2005
Posts: 1435
Location: nevada
197.34 Dollars($)
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| Posted: Tue Apr 04, 2006 11:16 am Post subject: |
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Hi Noveloc,
I can understand your anxiety. Now you need to deal the situation with care and never panic. Stay calm and take steps so that the situation doesn't ruin more.
Some of the situations need to cleared before making a comment. Now do you have any souce of income? Has the court hearing already started or just a notice of judgement has come?
James |
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ken
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0.10 Dollars($)
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| Posted: Tue Apr 04, 2006 11:31 am Post subject: |
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| Except undue hardship, it is difficult to get a discharge from student loans. If the judge can be convinced that payment of the student loan would impose an undue hardship to your ability, then only you can get a discharge from your student loan. But believe me that is a tough thing to do. You may consult an attorney for the purpose. |
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stan
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0.10 Dollars($)
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| Posted: Tue Apr 04, 2006 11:34 am Post subject: |
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Student loans are such a liability that you have to pay in your life. It does not have any SOL; hence it is collectible for the rest of your life.
It seems that you are trying to make yourself judgment proof. Quit claim deed might show that you own nothing; however, you have to consult a lawyer to know if this is the right time for Quit claim.
I would also like to know if you have any source of income as James has inquired. |
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Bill
Joined: 21 Mar 2006
Posts: 83
Location: Illinois
3.65 Dollars($)
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| Posted: Wed Apr 05, 2006 7:14 am Post subject: |
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Federal student loan debts are not bankruptcy dischargeable and will follow you for life - with the unique ability to recover their monies as no other debtor can.
You MUST consult with a reputable attorney on this issue ... you are risking too much by not. There is a decent chance that an attorney that specializes in Social Security/Tax law will be able to get a reduction or even elimination of fees that have been added to the original balance in conjunction with a negotiated re-payment plan.
Do yourself a favor and seek legal counsel a.s.a.p.
Best of Luck!
_________________
Bill Clanton is a Mortgage Specialist and Manager of State Street Mortgage of Illinois. StateStreetMortgage.Net |
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helping_user
Joined: 31 Mar 2006
Posts: 803
Location: Hawaii
149.53 Dollars($)
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| Posted: Thu Apr 06, 2006 5:40 am Post subject: |
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| I don't think signing a quitclaim deed to your son is going to free you from any such judgement. That's because such judgements cannot be discharged until and unless you pay the debt. You can at best look forward to negotiate with your debtor for a new payment plan. |
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