Possible additional student loan

[Drazil65]

We are on DH last semester coming up and we may need to get one more loan to make thru graduation. We have previously taken out loans to help with living expenses as DH can only work a part time job with limited hours as he carries a full time load at school (16 hours) plus clinicals (which are 12 hours shifts over night 2x's a week).

We are looking at his school costs and our living expenses for the next 6 months and we are going to probably need the help. He filed chp 7 and the 341 is in January. I know Chp 7 is a look back process but if we get this loan it will be during the 60 day time before discharge (hopefully ). Is this something that the trustee needs to know? We have not run this by our attorney yet but our previous student loans (in the 90 days prior to filing there was one for fall semester) were noted in the filing. We only had to show how the money was spent (mostly mortgage payments) in case the trustee asked.

[bk2009]

Good question and one that pertains to us as well, clinicals and all.

[HHM]

Total non-issue. It is a post bankruptcy debt, loans are NOT income. Now, granted, the debtor is not supposed to incur debt while in BK. But so long as it is an unsecured debt, no one is going to care.

The larger issue is the use of student loans in the first place and saddling yourself with all that debt in the HOPE the new career pays off (the odds are against it, I'm afraid)...but that is neither here nor there, only 1 semester to go, might as well hope for the best.

[bk2009]

I don't always think the odds are against it. I'm in nursing school, I think the odds are pretty favorable for me that it will pay off. We use the loans to help pay for childcare.

[HHM]

Debt is still debt. It really depends on the amount.

Unfortunately, we are accepting student loans like we accept the fact that mortgages are near lifetime debts. It wasn't always so.

[Drazil65]

Thank you so much for the input and you are right about incurring additional debt. We have to start paying in december 2012 and he will have his license and certifications and a decent starting pay (head of his class with 2 interview requests already) and will increase greatly after his first year. We really fought hard against getting the loans but we had no other way to pay and he already has a 4 year degree (1993) so we could get nothing by way of finacial aid (even with his 2 lay offs within 10 months and basically no money). We went through all of our savings during that time keeping our heads above water and making sure the creditors were paid first with the mortgage, that hurt us then my pay was cut by 20% to "save my job".

We have to hope for the best and he is doing everything in his power to make sure that happens he has had a 4.0 all along (carries a full load at school 16 credit hours, about 12 hours of homework and 2 nights of clinicals- 12 hour overnite shifts and still manages to put 20 hours a week in at a part time job to earn extra money), between the debt we owed and had to stop paying to eat during the layoffs, our out of state rental house that our long term tenant (had been there 4.5 yrs and was transferred) moving out so we could no longer pay the 1st and 2nd mtgs we finally filed (he filed). We have sacrificed alot for this opportunity and he will make it worth while in the long run. Once we move to a bigger city when he finds out where he will be working I can find a much better paying position as well. We plan on renting for a very long time so the only debt will be the student loans but we will enjoy life to the fullest.