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Did you get your SALLIE MAE/WELLS FARGO PRIVATE loan/s discharged??

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  • Did you get your SALLIE MAE/WELLS FARGO PRIVATE loan/s discharged??

    It appears it is possible in some cases!

    Greetings all.. Newbie here..

    Hubby and I will be filing a 'no asset' CH7 case soon and possibly doing this pro se & will obtain a free consultation at the very least before deciding.

    My husband has 3 private student loans out so we've been doing a lot of research to see if they are dischargeable.. Most links/info I found seems to indicate NOT, however I came upon this site:

    //getoutofdebt.org/53288/these-private-student-loans-can-be-easily-discharged-in-bankruptcy"]https://getoutofdebt.org/53288/these-private-student-loans-can-be-easily-discharged-in-bankruptcy

    (Oops looks like I can't post links yet, so you'll need to add the http stuff to the partial link above.)

    Reading this and all the links provded, it seems there may be a few instances where the loans can be discharged.

    In our particular case I *think* ours are dischargeable based on the fact that the loans were obtained for tuition/career training at schools are not 'eligible education institutions' under Title IV Higher Education Act.

    I wanted to see if anyone else has discovered this & taken advantage of this option successfully.

    Also, I'd like to know if yours was a pro se case. I would like to know how to go about this easily without an attorney. I obviously am not an attorney, but it seems CLEAR enough (if what I read is true) that our loans could be easily discharged based on pure FACT. I would just need to now the process and paperwork involved to be sure the loans are discharged.

    Can anyone help or share what they have discovered in their research and/or experience?

    Thank you kindly ~

    C (HopefulMamma)

  • #2
    ADDITIONAL QUESTION --

    Could we address the law that appears to allow for my husband's student loans to be discharged (loan obtained for tuition at a 'non accredited' institution under Title IV Act -- see OP above), IN THE INITIAL FILING (of CH7)?

    My feeling is if we can quote the current law that would apply and allow for discharge, that we could avoid having to drag this out with filing for an AP.

    Is this possible, or does addressing 'dischargeability' always have to be via an AP?

    Thanks in advance~

    C

    Comment


    • #3
      Hmmm.. Did some further research & looks like an AP would need to be filed (w/or w/out an attorney). Legal counsel is looking better and better.

      Comment


      • #4
        After 2005, the laws changed with regards to what is non-dischargeable. The law added that basically any "obligation to repay funds received as an educational benefit, scholarship, or stipend" is non-dischargeable. If what you owe is a "loan" and not a "balance on account", you may find it is non-dischargeable.

        You could start an Adversary Proceeding (AP / complaint), but you have to understand that is a full blown civil trial. You will need to have evidence admitted and you will need experts to prove your evidence or case.

        I would be very careful relying on those discharges in the above 2 cases mentioned. They were both stipulated dismissals which means that it was a negotiation and did not go to trial. I do not know what was in the agreement which led to the joint stipulated dismissals, but that is something a seasoned attorney, seasoned in APs related to student debt, may be able to help with.

        Additionally, you must look at the cost. An attorney is likely to want at least a $4-5,000 retainer to file an AP.
        Last edited by justbroke; 08-24-2014, 08:37 PM.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          Thanks, JB.. I appreciate the input..

          The info I found relates to 2012 and from 'getoutofdebt.org'... I can't post a link but searching using the site info & "student loan bankruptcy discharge" should bring it up.. This guy is citing federal case law.. I could be misunderstanding things but it appears that there might be a possibility of discharge. Hmm.. More researching!

          Comment


          • #6
            If you actually read the cases, they are ALL stipulated judgements which means they were negotiated. They never went to trial. At least 3 of them are from the same attorney, so that specific attorney has had some success with this.

            I am not trying to imply that your loans are not eligible for discharge. I'm saying that this is not as easy as it looks.

            (This specific litigator may be so good, that he tells Sallie Mae that they'll spend more than the actual debt, trying to defend the debt. I didn't see any of these loans over $40K with most in the $20K range. A lot of that could have been interest, so fighting could cost more than the loan principal balance. This is why people settle. I also do not know how much in fees were paid by the debtor to have those APs litigated. The attorney may have done it pro bono, which would be nice.)

            Please realize that not one of these went to a ruling. There is no established precedence.
            Last edited by justbroke; 08-24-2014, 08:48 PM.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              Originally posted by HopefulMamma View Post
              I would like to know how to go about this easily without an attorney.
              Filing a prose AP will not be easy. Filing Chap 7 prose will not be easy. If you want easy, hire an attorney.
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

              Comment


              • #8
                Yes.. I know you're right... I believe that is what we're going to be doing.. *Whew* I feel relieved already! Thanks for your input!

                Comment

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