Q: I have past due federal student loans and past due IRS taxes. What is the maximum garnishment total % from my SSN check?
I have read both student loans and IRS taxes can garnish up to 15%. With both debts does that mean they can deduct 30% total?
A: No more than 15% of social security income may be garnished at a time from all creditors who are legally allowed to garnish such income. So, that’s the limit. Both past due federal taxes and federal student loans can be collected in this way. Both debts are possible to be discharged in bankruptcy, but the rules are more complicated than regular debts. Federal taxes that came due more than three years ago, and for which all tax returns (but not payment, obviously) have been filed, may be discharged. Student loan debt is a bit trickier. Meet with an experienced bankruptcy lawyer to evaluate your options. Timing is a crucial consideration as you may need to wait long enough before filing to maximize the amount of such debt you can discharge.
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