Law Office of W. Derek May

01/06/2026

It is important to act quickly if you receive a letter regarding student loan default or potentially face wage garnishment. Is other debt getting in the way of paying your student loans. Please reach out for a consult to see if bankruptcy could put you back on track with the student loans by eliminating other debts.

Wage garnishment for defaulted student loans will restart in 2026. If you're a borrower in default, here are your three main options.

12/30/2025

https://youtu.be/hBNWInRS6hM?si=OWusw5RqxcypT-XV

A good and entertaining summary of the debt settlement industry. Spoiler alert, talk to a bankruptcy attorney if you are having issues with repaying debt.

A deep-dive into an industry which preys on people in debt, misleads customers, and leaves many off worse than they started. Welcome to the insane world of d...

08/26/2025

https://youtu.be/kpofwXEaDZU?si=QPa2i7OdsIUJzWck

Even consumers with prime credit scores are missing payments now and delinquencies are on the rise. If you or someone you know is having difficulty making their payments to creditors, they should discuss what options they may have to avoid default and collection actions from creditors that could result in wage garnishments or liens being placed on real estate.

US consumers with the highest credit scores are starting to fall behind in debt repayments, credit scoring company VantageScore said in a report, in a sign t...

08/04/2025

https://www.newsweek.com/student-loan-update-millions-borrowers-see-balances-jump-today-2107660

Are your student loans going away or are they growing? Don't wait on government forgiveness or campaign promises. Let's have a discussion on how you can start getting those balances lower or how you can deal with the other debt and free up some money to pay the student loans down faster.

Accruing interest follows year of zero-interest forbearance and comes amid restructuring of the nation's student loan system.

08/08/2023

https://www.cnn.com/2023/08/08/economy/401k-hardship-withdrawals/index.html

This article highlights a growing trend I am seeing with individuals that meet with me.

Please consult with a bankruptcy attorney before you withdraw or borrow retirement funds to deal with unmanageable debt issues. You may be able to eliminate the debt by discharge and preserve your retirement using exemptions, which generally protect your retirement in bankruptcy. It is painful to see someone liquidate their exempt retirement slowly as they pay their minimum payments and then run out of money and end up filing bankruptcy anyway with nothing left in reserves or retirement. Also, most creditors can't levy or seize retirement accounts anyway as the exemption policy in California is to preserve retirement accounts for the benefit of your future retired self. If they can't take it from you, don't give it to them.

More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday.

03/29/2023

Depending on the type of bankruptcy you file, you may be required to attend a financial counseling or budgeting class. Failure to appear for this appointment could put your bankruptcy filing in jeopardy.

03/27/2023

Chapter 7 personal bankruptcy law states that all debts are alleviated. Chapter 13 states that you must restructure your debt and attempt to pay back money. Which bankruptcy you are eligible for can be determined by one of our experienced lawyers.

03/24/2023

We understand that many families are a job loss or severe illness away from foreclosure on their home. If you’ve fallen on hard times, let’s discuss how bankruptcy protection could keep you from losing your home.

03/22/2023

When something unexpected happens, such as a car breaking down, you should have savings that you can use instead of having to go into further debt. If the most “savings” you can put together is space on a credit card, then you may want to look into bankruptcy.

03/20/2023

As of January 2015, up to one out of every 1100 homes was subject to foreclosure. Roughly 26% were in pre-foreclosure proceedings, 43% were scheduled for foreclosure auctions, and 31% had been vacated and were now bank-owned.

03/17/2023

Hopefully, you’ll never have to declare bankruptcy, but if you do find yourself in this position, you don’t have to go through it on your own. A bankruptcy attorney will be there with you and by your side throughout the entire process.

03/15/2023

Are you confused about the difference between Chapter 7 and Chapter 13 bankruptcy? Chapter 7 is a quicker process in which most unsecured debt is discharged, while Chapter 13 involves a three- or five-year plan to repay creditors.