Free Legal Advice Requested:
Question:
I'm a real estate agent working for a well known brokerage company. I owe $ 80,000 in educational loans. The loans are in default and I'm threatened with garnishment or Federal Offset of my income from the Federal Education Student Loans and their Collection Agencies.
I presently work on commission as a NEW real estate agent and have not generated a single dollar of income so far;however, I'm concerned with future income in the next 2-6 months being garnished and/or offset. I'm presently living on handouts without being able to provide for food or shelter for myself, so it would make it extremely difficult to make a living if they garnish my wages when I'm in such dire financial situation. I heard garnishment can be between 45-50% and Federal Offset about 15% . I don't know exactly whether garnishment or Fed. Offset will be implemented or both. My questions are:
1) If I incorporate myself as a sole real estate agent in California and continue to work at my brokerage company can I protect my real estate commission earnings from being garnished or offset ? (Main Question). Can I protect my car or any other assets from being confiscated as a way to pay the debt.
2) Can I discharge the loans through bankruptcy. Although I keep hearing educational loans cannot be discharged/forgiven the actual form from the Edu Department has a section for bankruptcy.
3) Given that the housing/real estate industry is in such turmoil it is hard to predict when and how much of an income I will generate at some future time. It would be extremely hard to enter a repayment plan of $700-900/mo, what other legal strategies can I use to discharge my loans through hardship or postpone them for a year.
Thank You
Question:
I'm a real estate agent working for a well known brokerage company. I owe $ 80,000 in educational loans. The loans are in default and I'm threatened with garnishment or Federal Offset of my income from the Federal Education Student Loans and their Collection Agencies.
I presently work on commission as a NEW real estate agent and have not generated a single dollar of income so far;however, I'm concerned with future income in the next 2-6 months being garnished and/or offset. I'm presently living on handouts without being able to provide for food or shelter for myself, so it would make it extremely difficult to make a living if they garnish my wages when I'm in such dire financial situation. I heard garnishment can be between 45-50% and Federal Offset about 15% . I don't know exactly whether garnishment or Fed. Offset will be implemented or both. My questions are:
1) If I incorporate myself as a sole real estate agent in California and continue to work at my brokerage company can I protect my real estate commission earnings from being garnished or offset ? (Main Question). Can I protect my car or any other assets from being confiscated as a way to pay the debt.
2) Can I discharge the loans through bankruptcy. Although I keep hearing educational loans cannot be discharged/forgiven the actual form from the Edu Department has a section for bankruptcy.
3) Given that the housing/real estate industry is in such turmoil it is hard to predict when and how much of an income I will generate at some future time. It would be extremely hard to enter a repayment plan of $700-900/mo, what other legal strategies can I use to discharge my loans through hardship or postpone them for a year.
Thank You
