Today

[ashlei422]

TODAY.. was my Meeting of Creditors... no one showed and no bumps along the way. It truely only lasted 5 minutes, if that. So... here we go....

My Sallie Mae Student Loans about $10,000 were listed on my Petition. I thought they are on there for protocal. HOWEVER, today in the mail I got a letter from SM stating that they got notice i file BK. AND

"We have cenceled your current Maste Promissory Note, which may have included newly disbursed loans. A new Master Promissory Note needs to be signed for the outstanding loans not part of the recent bankruptcy filed..."

WHAT DOES THAT MEAN? Is the loan going to be included in the bk and dismissed??

AND FYI" My credit score: 501 as of 02/01/10 AND 548 as of today!! WHAT???? That is crazy. I'm just very estatic and wanted to tell someone

[espo1357]

TODAY.. was my Meeting of Creditors... no one showed and no bumps along the way. It truely only lasted 5 minutes, if that. So... here we go....

My Sallie Mae Student Loans about $10,000 were listed on my Petition. I thought they are on there for protocal. HOWEVER, today in the mail I got a letter from SM stating that they got notice i file BK. AND

"We have cenceled your current Maste Promissory Note, which may have included newly disbursed loans. A new Master Promissory Note needs to be signed for the outstanding loans not part of the recent bankruptcy filed..."

WHAT DOES THAT MEAN? Is the loan going to be included in the bk and dismissed??

AND FYI" My credit score: 501 as of 02/01/10 AND 548 as of today!! WHAT???? That is crazy. I'm just very estatic and wanted to tell someone

congrats.
don't think your loans are going to get dismissed. our generation missed out on that.

anyway, thanks for posting. it is encouraging to see the good that comes out of BK!

[keepinitreal]

"We have cenceled your current Maste Promissory Note, which may have included newly disbursed loans. A new Master Promissory Note needs to be signed for the outstanding loans not part of the recent bankruptcy filed..."

WHAT DOES THAT MEAN?

Let us know if it turns out, like a year from now, that you don't have to pay back your outstanding loans.

[lrprn]

WHAT DOES THAT MEAN? Is the loan going to be included in the bk and dismissed??

Sorry but it very likely just means that Sallie Mae is going to put your loan into deferrment until your bankruptcy is discharged. Then the payments will start up again. Unfortunately for Ch 13 filers, interest will be charged throughout the entire 3-5 years of your plan as well. (Thanks a lot, 2005 Congress , for giving private SL lenders the same privileges in bankruptcy that government SLs have )

Talk to your lawyer to find out if your student loan can be included in your plan to be paid by your trustee at whatever payback % all your other non-secured creditors are going to get. Some trustees allow this, but some don't. It may not be much of a payment, but it's better than nothing.

Also after getting your emergency fund together, if you end up having sufficient disposable income you can make payments on your student loans whenever you are able to throughout your Ch 13. Just don't do it unless you really do have your emergency fund in good shape and you have the ability to do so without putting your plan at risk.

AND FYI" My credit score: 501 as of 02/01/10 AND 548 as of today!! WHAT???? That is crazy. I'm just very estatic and wanted to tell someone

It's not unusual when your pre-filing score is really low for it to actually go up after filing. It has to do with the way FICO calculates the scores and how filing impacts some of factors used.

Since your discharge is still 3-5 years away, don't worry about your credit score - you won't be using it for a long while Instead focus on making sure you can make your plan payments on time without fail and you are gathering together a good emergency fund. Good luck!