My question involves collection proceedings in the State of: Missouri
I have about $50,000 in federal student loans and more than $100,000 in private student loans.
I declared Chapter 7 bankruptcy this year, but no loans were discharged, as I expected.
I have a hardship forbearance on my federal loans.
However, soon my private loans will be in default and I cannot meet the terms of the creditors.
What can I expect to happen?
What percentage of my income can be garnished? Can only one creditor garnish at a time? Can checking accounts be garnished and how much? I earn about $25,000 a year, own a 14-year-old-car and no property.
Some of the private loans have co-signers who earn more than me. Will they likely be garnished as opposed to me becuase of my low income? They do not live in Missouri.
Thank you for any answers or best guesses!