What to Expect After Filing

[ksgirl38]

We were asked this as well. I sat through others as well and although I don't recall if he asked every single person, I know he asked most of us. I think it's a very common question.

Anyway, congrats to joining the 60 day club!

Thanks.

[ValleYum]

We were asked the inheritance question as well.

Welcome to the 60 Day Club!

[dmc-2008]

I have a student loan that is not going to be discharged, I plan on continuing the payment. I usually pay online. Is this account going to be affected by the BK? Should I get an address and make my next 3 payments via snail mail?


My lawyer said I don't have to make the payment during this process but I see no reason not to. Also, my interest rate will go up if I miss it.

Thanks,

[btbeme]

Check with your student loan guarantor - most student loans go into forbearance once you file. That means no payments necessary, but you would continue to accrue interest. If you can afford the payment, it may not be a bad idea to pay; however, you may need to pay to a different address, and I would make sure sure sure to keep tabs on the payment and receipt of payment.

[ksgirl38]

I would definitely check with your attorney. I was told that the forbearance thing isn't true and that you are responsible for the payments during the BK.

[ksgirl38]

Did anyone have to re-register to gain access to an online account? I got my reminder about my Verizon bill and I couldn't remember if I'd already paid it or not so I tried to log into my account and I had to re-register. I thought that was odd. I know something else was changed with my Victoria's Secret account too, but I haven't logged in to check yet and that was an account not listed in my BK.

[pamkev]

Our lawyer said students loans will go into forbearance during BK she said we did not have to pay them although she recommended that we keep paying them as they would just gain interest. We did that last week and haven't hear anything and it cam out of our checking account.

Pam

[ksgirl38]

Our lawyer said students loans will go into forbearance during BK she said we did not have to pay them although she recommended that we keep paying them as they would just gain interest. We did that last week and haven't hear anything and it cam out of our checking account.

Pam

I asked my attorney about this based on things I'd read here and she said I was still responsible for the payments even though my online access would disappear.

[pamkev]

I still have online access maybe because payments have never been late.

[ksgirl38]

I still have online access maybe because payments have never been late.

I was never late on my payments. Is it a private student loan? You have filed haven't you? I was sure you had.

[SadPanda]

I have a student loan that is not going to be discharged, I plan on continuing the payment. I usually pay online. Is this account going to be affected by the BK? Should I get an address and make my next 3 payments via snail mail?


My lawyer said I don't have to make the payment during this process but I see no reason not to. Also, my interest rate will go up if I miss it.

Sometimes student loans change to a different "servicer" after you file for bankruptcy, so the place to make your payments may change after you file. I don't know if it's the same for private student loans, but that's what I've read about the federal student loans. I've read that a lot of student loans end up with "ECMC," the Educational Credit Management Corporation, after you file for bankruptcy.

On the "During Bankruptcy" page of the ECMC site, it says,

You are not required to make regular monthly payments on your student loans during the bankruptcy process unless you have provided for direct payment outside of your Chapter 13 plan. But the interest on your student loans will continue to accrue while you're in bankruptcy. Then when you emerge from bankruptcy, you will be responsible for any remaining student loan balance.

I assume the "During Bankruptcy" information above also refers to Chapter 7 filers. They point out that they (ECMC) or another servicer may currently hold your loan, and you can find out who has your loan (if it's a federal student loan) on the "National Student Loan Data System" site. It sounds like once you find out who has your student loan, you can make payments during your bankruptcy if you want.

[ksgirl38]

Maybe Ch 7 and Ch 13 filers with federal student loans are handled differently. I know that mine hasn't changed servicers and I'm still responsible for the payments.

[pamkev]

I was never late on my payments. Is it a private student loan? You have filed haven't you? I was sure you had.

No parent plus loan and yes I filed the beginning of Aug. I didn't loose access to my bank account that we have our mortgage and checking account with although we did open another just in case. I haven't tried to use the debit card that goes with that account will have to and see. Pam