My student loan is currently in default status. Both my wages and tax returns are being garnished. I have separated from my employer and have a 403b account. My question is how can I protect my money against garnishment? Will a rollover ira account be protected from federal debt collection (student loan). How can I best protect my assets? Would cashing out be a better option for protection against a frozen or seized account?
This question is impossible to answer on a forum like this. It depends upon what type of loan it was, how long it has been in default, how much your current balance is, how much you have already earned this year, and what your likelihood of future employment is - among other things. Please search for an experienced student loan attorney for advice specific to your situation.
This message is intended for informational purposes only. It is impossible to consider all relevant facts from a message board question. No attorney-client relationship has been created. Readers should seek a personal legal consultation with an attorney of their choice for the most accurate advice.
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