Sallie Mae Student Loans in Chapter 13?

[simon2020]

My attorney is preparing my chapter 13 petition and he left out my student loans that is currently on forbearance until 7/1/09. I called Sallie Mae and they said if I wanted to do a forbearance again, how many months could I do it and they said 24 more months. 7/1/09-7/1/2011.

My plan is going to be 60 months.

Question:

1. When I file Chapter 13, will my student loans be put on hold by the Trustee?
2. I heard student loans are kept out of the "plan" is that true?
3. If you had a student loan when you filed, what did your attorney do with it?

[EricaCallaha]

We have a student loan with Sallie Mae and it is in our repayment plan. We pay a percentage of it and the rest will come due when the plan is completed in 60 months. Meaning that we will go back to paying them monthly as student loans are not forgiven in bankruptcy.

I don't think that the trustee puts it on "hold" per se. We were told that if we request a forebearance during our payment plan and if it would not last the duration of the plan that we were better off to put it in the plan. You don't have to worry about them for 5 years. Then when you are out of your bankruptcy, you can put your plan payment towards the loan and pay it off quickly. (At least that is our plan.)

I don't think that student loans are held out of a plan. It is an unsecured debt that must be paid in full. Kind of like the IRS. Plus you have to list everything in a bankruptcy petition.

[simon2020]

Keeping student loans outside of a plan -- conflicting answers

EricaCallaha We have a student loan with Sallie Mae and it is in our repayment plan. We pay a percentage of it and the rest will come due when the plan is completed in 60 months. Meaning that we will go back to paying them monthly as student loans are not forgiven in bankruptcy.

I don't think that the trustee puts it on "hold" per se. We were told that if we request a forebearance during our payment plan and if it would not last the duration of the plan that we were better off to put it in the plan. You don't have to worry about them for 5 years. Then when you are out of your bankruptcy, you can put your plan payment towards the loan and pay it off quickly. (At least that is our plan.)

I don't think that student loans are held out of a plan. It is an unsecured debt that must be paid in full. Kind of like the IRS. Plus you have to list everything in a bankruptcy petition.

Thanks for your comments. I totally forgot I had a previous post with the same question and I noticed the comments posted on 2/11/09 were very different than your post. I am going to assume at this point that different courts around the country will determine if a student loan can be outside of the plan. So contrary to what you went through, it seems I may be able to put it on hold. Anyone else had this experience during their plan?

Previous thread and student loan comments in a chapter 13 plan.

http://www.bkforum.com/showthread.php?t=34589&highlight=student+loans

[BankruptinNC]

You have to list all debt/creditors (including student loans) in your bankruptcy schedules. The student loans are not dischargeable, and you will be responsible for the balance of these loans at the conclusion of your ch. 13 plan. The downside to this is that interest will be accruing on these loans for the 36-60 months that you are in the ch. 13 plan, so depending on size of your loans, you may have a much larger student debt at the end of your ch. 13. Hope this helps, & good luck!

[amandaaz]

How can i get loan with ease to finance a business in another country?
This business which is surely going to be a success is to be esterblished and operated in another country, how can i get loan from the United states to finance this business. Right now, i don't have any money of mine that i can commit to this business. i would need about $5 million to start. I live in New Jersey,U.S

[pcn]

I bet there is something in the Obama plan for you. If you'll PM me your cc info I will forward you the name of my rich uncle in Nigeria. He is looking for this type of investment!

[sassiebaz]

I bet there is something in the Obama plan for you. If you'll PM me your cc info I will forward you the name of my rich uncle in Nigeria. He is looking for this type of investment!

I too have a wealthy relative, I was just notified by email that he passed away and I will be getting millions.....LMAO

[liz417]

My attorney is preparing my chapter 13 petition and he left out my student loans that is currently on forbearance until 7/1/09. I called Sallie Mae and they said if I wanted to do a forbearance again, how many months could I do it and they said 24 more months. 7/1/09-7/1/2011.

My plan is going to be 60 months.

Question:

1. When I file Chapter 13, will my student loans be put on hold by the Trustee?
2. I heard student loans are kept out of the "plan" is that true?
3. If you had a student loan when you filed, what did your attorney do with it?

Same problem here, we owe 70k in student loans and was told that these loans were "put on hold" during the duration of our ch 13. This sucks because I've read on this board that some poster were able to include the repayment in their ch 13 payments. We live in CA, and in our district the Trustee doesn't allow this

Good Luck!

[BankruptinNC]

How can i get loan with ease to finance a business in another country?
This business which is surely going to be a success is to be esterblished and operated in another country, how can i get loan from the United states to finance this business. Right now, i don't have any money of mine that i can commit to this business. i would need about $5 million to start. I live in New Jersey,U.S

I hope I don't sound snobbish by saying this, but we are bankruptcy filers -- our credit means next to nothing for the next few years. That's why we filed, to get a fresh start and start making smart decisions, and using as little credit as possible. So, I don't know if you will find any reliable advice for a $5 million loan on this site, much less with the economy the way it is.... Good luck with your business endeavors....