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The holder of your loan can take other actions to collect as well.” Those “other actions” involve withholding your tax refund or, in some cases, garnishing your wages. And, this week in Texas, they began to involve federal agents in combat gear bursting into debtors’ houses and arresting them.
That’s what happened to Paul Aker. Seven armed U.S. marshals arrived at his door in Houston last Thursday, arrested him on the spot, and took him to jail. He owed all of $1,500, outstanding since 1987. Aker told Fox 26 that without any warning, his 29-year-old debt was forcibly being collected; the marshals took him to federal court and made him sign a payment plan. “It was totally mind-boggling,” Aker told Fox 26.
federal agents in combat gear bursting into debtors’ houses and arresting them. That’s what happened to Paul Aker. Seven armed U.S. marshals arrived at his door in Houston last Thursday, arrested him on the spot, and took him to jail.
FACT: Of 7000 cases filed in the Houston area alone, 1,500 are now queued up for ARREST. The vast majority of these, if not ALL OF THESE judgements were obtained against the borrowers IN ABSENTIA.
originally posted by: Julie Washington
The holder of your loan can take other actions to collect as well.” Those “other actions” involve withholding your tax refund or, in some cases, garnishing your wages. And, this week in Texas, they began to involve federal agents in combat gear bursting into debtors’ houses and arresting them.
That’s what happened to Paul Aker. Seven armed U.S. marshals arrived at his door in Houston last Thursday, arrested him on the spot, and took him to jail. He owed all of $1,500, outstanding since 1987. Aker told Fox 26 that without any warning, his 29-year-old debt was forcibly being collected; the marshals took him to federal court and made him sign a payment plan. “It was totally mind-boggling,” Aker told Fox 26.
In the statement first provided to The New York Times, the Marshals said Aker claimed “he had a gun” when they attempted to collect on his debt.
“After Aker made the statement that he was armed, in order to protect everyone involved, the deputies requested additional law enforcement assistance,” the statement read.
He owed all of $1,500, outstanding since 1987
originally posted by: Chadwickus
a reply to: Julie Washington
This story is over a year old.. And there's more to it than what Aker is letting on...
In the statement first provided to The New York Times, the Marshals said Aker claimed “he had a gun” when they attempted to collect on his debt.
“After Aker made the statement that he was armed, in order to protect everyone involved, the deputies requested additional law enforcement assistance,” the statement read.
www.businessinsider.com.au...
So what happens if you can't pay? Here are some possibilities:
Your wages may be garnished. When it comes to debt - whether for tax debts or student loans - the feds have a potentially powerful reach. That includes the ability to garnish your wages (generally up to 15% of your take home pay) to satisfy your debt.
You may be sued. This is more likely to happen when it comes to private loans but you can be sued for the balance of the outstanding debt. When that happens, not only are you on the hook for the debt but also potentially for attorney's fees and other costs.
Your mom may be sued. Okay, this really depends on whether your mom actually co-signed the loan. Any person that co-signs a loan for you is generally subject to the same terms as you: if you fail to pay, the lender will try to get money from the next in the line. That could be your mom. Or your dad. Or your great aunt. Don't leave them to clean up after your mess.
Your federal income tax refund may be seized. This is often called "offset" since the seizures are part of the Treasury Offset Program (TOP); the program is administered by Financial Management Service, a branch of the U.S. Department of Treasury.