I filed Chapter 7 March 23, 2009. The most I was behind on any bills at that time was about 30 days on a personal loan from Navy Federal CU; My car and all my CC's were current. I have a total of $495,000 in debt, so bankruptcy was clearly my best option. Anyway, here are my questions:
I had several private student loans through AES/TERI (or whatever they call themselves now) which I consolidated into a "Private Consolidation Loan" from Citibank (the Student Loan Corportation) in Jan. 2008 the total of which are about $113,000. (I know, pretty outrageous.) Then I have one for about $27k through Chase Private Student Loans. Does anyone know the chances of getting these kind of loans discharged? None of them were school certified loans. I talked to my attorney about it and she wants to refer me to another attorney she said could file an AP in my case to try to get them discharged. The thing is, I researched online and read some interesting articles about how the loans have to be "funded in whole or part by a governmental unit or non-profit org, or guaranteed or insured by governmental unit" to be exempted from discharge which means that those loans that are only "guaranteed" by TERI or another non-profit would be eligible for discharge, right? My attorney acted like she'd never really thought about that which kind of worries me. She seems to have the mindset that all student loans are exempt from discharge and I refuse to believe that, although she did say she thinks I have a chance at getting them discharged due to hardship since I have no income still. What do you think?
Next Question:
I have a 2008 BMW 550i which of course I love, but can no longer make the payments. Because I had asked for a payment deferral, my payments were current at the time I filed Chapter 7. They (BMW) are aware of my bankruptcy, and I've already had the 341 meeting. But I haven't seen in any tow trucks lurking about my neighborhood and haven't received a letter or phone call asking about picking it up either. Does anyone know how that process works? How long will they continue to let me keep possession of the vehicle? Or better yet will they contact me.. or just come pick it up? It is financed through BMW Financial Services and it is actually my 5th car financed through them, so idk if they might be thinking I want to keep it, or what the deal is. It did say my plan was to surrender it in the bankruptcy paperwork.
Thanks for listening/reading!
I had several private student loans through AES/TERI (or whatever they call themselves now) which I consolidated into a "Private Consolidation Loan" from Citibank (the Student Loan Corportation) in Jan. 2008 the total of which are about $113,000. (I know, pretty outrageous.) Then I have one for about $27k through Chase Private Student Loans. Does anyone know the chances of getting these kind of loans discharged? None of them were school certified loans. I talked to my attorney about it and she wants to refer me to another attorney she said could file an AP in my case to try to get them discharged. The thing is, I researched online and read some interesting articles about how the loans have to be "funded in whole or part by a governmental unit or non-profit org, or guaranteed or insured by governmental unit" to be exempted from discharge which means that those loans that are only "guaranteed" by TERI or another non-profit would be eligible for discharge, right? My attorney acted like she'd never really thought about that which kind of worries me. She seems to have the mindset that all student loans are exempt from discharge and I refuse to believe that, although she did say she thinks I have a chance at getting them discharged due to hardship since I have no income still. What do you think?
Next Question:
I have a 2008 BMW 550i which of course I love, but can no longer make the payments. Because I had asked for a payment deferral, my payments were current at the time I filed Chapter 7. They (BMW) are aware of my bankruptcy, and I've already had the 341 meeting. But I haven't seen in any tow trucks lurking about my neighborhood and haven't received a letter or phone call asking about picking it up either. Does anyone know how that process works? How long will they continue to let me keep possession of the vehicle? Or better yet will they contact me.. or just come pick it up? It is financed through BMW Financial Services and it is actually my 5th car financed through them, so idk if they might be thinking I want to keep it, or what the deal is. It did say my plan was to surrender it in the bankruptcy paperwork.
Thanks for listening/reading!
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