So from what I have read, student loans go auto into forberance once you are in BK. My question, is there any difference if I do a voluntary forberance now vs waiting for sallie mae to put me in it? It would be nice to stop it a month earlier but I can pay it so it's not the end of the world.
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If you do a voluntary forbearance now you're just wasting a forbearance that you might need later.
I had SM loans when I filed. It took them awhile to figure out that I was in BK, but they eventually did and put me into bankruptcy forbearance. It also takes them awhile to figure out that discharge has occurred, at which point they start sending bills again.
Once you file, call them and tell them that you've filed, that you understand that your student loans aren't going to go away, but that you're aware that the policy of SM is to put the loans into BK forbearance and that you wanted to make sure they knew that you had filed.
Incidentally, SM is probably one of the easier student loan companies to work with. I also have loans owned by Access Group. They were private student loans, and they all went into default DURING my filing. The contract even states that BK will cause the loans to default and come due. I still haven't paid them. How can someone who was liquidated via a Chapter 7 pay thousands of dollars right after discharge? It doesn't make any sense for a BK to cause default because the loans will just sit in collections for several months or years. Stupid policy.
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