Confused About Student/private Loan?
On my credit report there is a loan that says "included in BK" and also says secured what does this mean. It was a private loan. I know school loans dont fall under BK but wouldnt they have been able to garnish my wages? It is with a collection agency.
Answer:
The sole option for a creditor holding a discharged secured loan is to proceed against the collateral. This means a foreclosure for a house, a repossession for a car, or a replevin action for personal property. The creditor can't garnish wages or attach any property other than the secure item(s).
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