Questions

[want2behappy]

Hello everyone.

I have hit the bottom of lows and I am working with a lawyer and am filling out the paperwork to start a Chapter 13 filing.
A lot of young and dumb mistakes got me to this point, and boy have I learned a lesson.
I have a question though, my mother is a co-signer on a student loan for me. I know that these loans cannot be dismissed and I do not want to include this loan in my filing....I also do not want my family to know what a world of trouble I have gotten myself into.
Is there anyway to keep my parents from finding out that I am filing bankruptcy? This may sound juvenile, but their opinion means the world to me and the last thing I want them to do is to see that I'm not the responsible young woman that they raised me to be.

I am so tired of being scared and unhappy....

[WoodSprite]

Hello everyone.

I have hit the bottom of lows and I am working with a lawyer and am filling out the paperwork to start a Chapter 13 filing.
A lot of young and dumb mistakes got me to this point, and boy have I learned a lesson.
I have a question though, my mother is a co-signer on a student loan for me. I know that these loans cannot be dismissed and I do not want to include this loan in my filing....I also do not want my family to know what a world of trouble I have gotten myself into.
Is there anyway to keep my parents from finding out that I am filing bankruptcy? This may sound juvenile, but their opinion means the world to me and the last thing I want them to do is to see that I'm not the responsible young woman that they raised me to be.

I am so tired of being scared and unhappy....

Welcome to the forum, kiddo. Lots of us who are old enough to know better are pretty disappointed in ourselves, but this wonderful place will get you through the scared and unhappy time, and back on your feet. Eventually you may see that this was the most responsible choice you could have made at this point in your life.

To answer your most pressing question, I would think that since student loans are non-dischargeable debt, you couldn't include that loan if you wanted to. So there'd be no need for a co-signer to be notified. I THINK - someone else will correct me if I'm wrong, I'm sure.

Are you absolutely certain you need to go with a chapter 13, not a chapter 7? A repayment plan can be SO tight, you'll have trouble keeping it from your family, unless you can convince them you've had some sort of tightwad epiphany.

If you don't need to file TOMORROW, please spend some time browsing the list, give us a bit more info about your situation, and get your hands on a copy of the NOLO book: http://www.bkforum.com/showthread.php?t=7922. There's almost nobody on this list who doesn't wish they'd found the list earlier.

You'll find lots and lots of help and support here.

[Flamingo]

Your attorney will need to be informed of your student loan inasmuch as you will have to provide him with a listing of all your debts. While your student loan is not dischargeable, if you file Chapter 13 it will be part of your Chapter 13 Plan and it will be listed as not being paid through the Plan. I understand you will either continue to make those payments outside the Plan or they will be held in forbearance during the Plan. Your attorney can correctly advise you. Therefore, it is possible this will hit your credit report as to that student loan and also affect your mother since she is a cosigner. To avoid a problem as to your parents and your mother's credit reports, you may want to consider telling her what is going on and just come clean. You will always be walking around on your tip toes the rest of your life worrying if they would ever find out what happened. They could get mad that you did not tell them (believe me, I know - I am a mom of 4 - the oldest 35, the youngest 21...). Don't underestimate your parents - they will love you through anything.

[WoodSprite]

Don't underestimate your parents - they will love you through anything.

Excellent advice as always, Flamingo. Your kids are lucky! Want2behappy, if you haven't figured it out, Flamingo is THE go-to person on chapter 13.

[Flamingo]

Excellent advice as always, Flamingo. Your kids are lucky! Want2behappy, if you haven't figured it out, Flamingo is THE go-to person on chapter 13.

Nah, there are much more knowledgeble 13 folks on here...I am just one of the battle scarred and much wiser survivors that I think went through everything there is to possibly go through during a 13!...

[want2behappy]

thanks everyone for your responses. I am fine if they find out. I've come to accept the fact that this is just one of lifes lessons and that I need to do what I need to do. Question though, will it just show up on their credit report or will it affect their score and their chances of being approved for things in the future? I don't want my poor decisions to destroy their credit. Thanks again...

[NowImDownInIt]

I don't have an answer to your questions, but young and dumb..... I get that.. My parents raised me to be a responsible woman as well, and that is what I am doing. They might surprise you, as mine did, by not only supporting you, but also applauding you at facing this head on.. Your parents only want what's best for you. I don't think that she needs to know (as far as legality is concerned), but you should probably tell her anyway. I also don't think that this will affect her credit in any way.