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Pending student loan defaults

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  • Pending student loan defaults

    I'm reaching the end of my 3-year unemployment deferments on Federal loans (Parent PLUS) for my 2 children that I began borrowing in 2004 and ended in 2009 when I was laid off.

    I'm still unemployed and in my mid-50's. I'm married and the loans are in my name only.

    My wife and I successfully went through Chapter 7 in 2010. We did not re-affirm the mortgage.

    If my wife and I were to get a payment behind on our mortgage and then file Chapter 13 (before my student loan defaulted), would the automatic stay cause the student loan not to default until after the Chapter 13 was finished 3-5 years later? I realize the interest would still accumulate.

    The reason I ask is that I will be able to pay off the student loan in 2015 when I will receive a lump sum from my ex-employer for stock in the company.

    So, I don't want to owe up to 50% ($60k) more because of a default on the student loan now if I can find a way to avoid defaulting until I get money to pay the loan off.

    For example, if I could instead pay $6000 total ($100/mo) in a Chapter 13 to pay the attorney fee, trustee fee and missed mortgage payment I would net out much better, 1/10 of my student loan default penalty.

    Since we didn't re-affirm the mortgage, can we even include it in a Chapter 13 now?

    Any thoughts/advice would be much appreciated.

    Filed Chapter 7 July 2010
    Attended 341 September 2010
    Discharged November 2010 Closed November 2010

  • #2
    During a Ch 13, student loans are either frozen or forced into the plan. Either way, the balance of the student loan is still due once the 13 is completed. However, this is not necessarily your best option. Federal loans are generally eligible for Income Based Repayment, or IBR. A quick Google search should bring you all the information you need on IBR, which will allow you to devote only a certain portion of your income towards your student loan.


    • #3
      Can you even file chapter 13 right after a chapter 7 discharge? I thought you had to wait 6 years in between, maybe 4? Is your DMI really only $100/month? I realize what the objective is but would they even allow you to file chapter 13 on just one missed mortgage payment?
      Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15


      • #4
        Originally posted by mountanddo View Post
        Can you even file chapter 13 right after a chapter 7 discharge? I thought you had to wait 6 years in between, maybe 4? Is your DMI really only $100/month? I realize what the objective is but would they even allow you to file chapter 13 on just one missed mortgage payment?
        You can file Chap 13 immediately after a 7. You just can't get a discharge of the debts. The 13 allows the debtor to get caught up on payments on the non-dischargeable debt.

        I agree that an IBR would probably be a better option than a 13.
        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!


        • #5
          Thanks for the replies!

          "A quick Google search should bring you all the information you need on IBR"

          After googling, I discovered that IBR does not cover Parent PLUS Loans.

          "would they even allow you to file chapter 13 on just one missed mortgage payment?"

          I don't know, but I'm not aware of a minimum amount that can be included in a Chapter 13 repayment.

          "The 13 allows the debtor to get caught up on payments on the non-dischargeable debt."

          LadyInTheRed, do you think a mortgage that was not reaffirmed in a Chapter 7 can later be included in a Chapter 13?
          Filed Chapter 7 July 2010
          Attended 341 September 2010
          Discharged November 2010 Closed November 2010


          • #6
            I don't know if this will help, I am currently in forbearance and will be appling due to total disabilty. Click on Default.
            "I want to pay my defaulted student loan in monthly payments that are affordable to me."

            All guaranty agencies and the U.S. Department of Education (Department) will accept regular monthly payments that are both reasonable to the agency and affordable to you. You should call us at 1-800-621-3115 and one of our customer service representatives will assist you with determining a repayment amount that is right for you. Hope this helps.
            Last edited by AJA; 01-26-2012, 09:12 AM. Reason: Add more info


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