Question:
Dear Steve,
I have graduated as a creative writing english major and to my family, that’s nothing and I am less than nothing. I have worked at my job for over seven years in a field that doesn’t even require a college degree. If I had never gone to college I wouldn’t be in such dire straits as I am now. I have nothing. I have no one. I have wage garnishment from Texas Guaranty and although I have technically never missed a payment, I have not made a whole payment for about six months due to financial hardship.
I play one student loan for over 300/month and another through green lakes for over 203/month. Texas Guaranty is garnishing my wages so much that I can’t afford rent.
Last month I was able to borrow against my 401k, which btw, has next to nothing in it since I can’t afford to put anything in it. I can’t borrow again according to Merrill Lynch until my debt against myself is resolved.
I have a lease on my apt until May 2018. I have faxed Texas Guaranty my financial documents for a week and a half (over five times) and every time I call they say they haven’t received it. That leads me to believe they just want to keep siphoning money off me and ignore my documents. After two weeks I was finally able to get email confirmation that my documents were received and they replied it’d be 60 days or less before they’d get back to me.
I want to die. I literally have nothing now. They’re taking over 700/month from me and I don’t know if I’ll be able to pay my rent for next few months. I’m furiously applying for other part time jobs but what happens when they take all that money too? Where am I going to live? What am I going to do?
What happens when you reach rock bottom and just want to die? Why don’t these companies care that there is a person on the other end? What does it matter if I just kill myself right now
Amy
Answer:
Dear Amy,
I acknowledge you feel like you want to die because of this. I also agree it feels hopeless and as if there is nothing you can do. But feeling that way and reality are two different things.
Your loans appear to be with Texas Guaranteed Student Loan Corporation. It sounds as if you’ve tried to work with them and they are bleeding you dry on the garnishments.
You have a couple of good options to explore, both through bankruptcy. I would urge you to find a local bankruptcy attorney and discuss your options. You may want to talk to two or three to get a second or third opinion about your situation.
It has been possible for people to obtain a discharge of their Texas Guaranteed student loans through bankruptcy. You can see examples here and here. Obtaining a full discharge is difficult but not impossible. Another bankruptcy option would be a Chapter 13 payment plan approach where you would make affordable monthly payments for the next 3-5 years and then we’d have to circle back around and deal with the loans again under some future laws.
One thing is clear, it’s time to deal with this instead of pushing it off by borrowing or attempting to borrow.
Bottom line, I need to get you over the hopeless hurdle and into the mad as hell stage where you want to take action so you just don’t give up but instead fight the good fight.
