Student Loan payments and means test

[okiebk09]

I think I read somewhere on here that they cannot count your monthly student loan payments on the means test. Is this right? So I am paying over $200 a month in student loans and they will not look at that as an expense on the means or schedule j? Someone who knows please advise.

[danaf]

You cannot put it on your means test but you most certainly can put it in your schedules! I did. It is an expense that is non-dischargable.

[jennordhavn]

I agree with Danaf. I did not include it on my Means Test but did list it on Schedule J. It wasn't questioned.

[okiemom2008]

I agree with Danaf. I did not include it on my Means Test but did list it on Schedule J. It wasn't questioned.

what if they are in forbearance?

[danaf]

The schedules have to reflect what you currently pay. Not quite sure about student loans that are in forbearance. Maybe it would depend on if you will resume paying them after bk?

[okiebk09]

ok thanks. mine and my husbands are in repayment status. so they will be on the schedule j but not the means.

[jennordhavn]

I only included the payments I actually make, not the payments of the loans I have in deferment. At the bottom of the form it asks if you expect any changes in expenses in the next year and I did put there my student loan payments would increase in October.

[okiemom2008]

I only included the payments I actually make, not the payments of the loans I have in deferment. At the bottom of the form it asks if you expect any changes in expenses in the next year and I did put there my student loan payments would increase in October.

I had to defer mine for a year. So I can use them on Sch J just not on means?

[cyn5]

I have just started researching the whole bk process and do not know much about the schedules. Does anyone know where you would put down your private student loans (ones not backed by the fed gov)? Can these go on the means test and then my federal loans on sched J? I know it is hard getting private student loans discharged, but i would like to try to at least get some of them discharged or I wonder if the judge can force the private lenders to decrease interest rates or into different repayment plan or something. I have no issue with my federal loans, it is just those private loans with the outrageous interest, fees, etc. And they don't want to work with you at all. It is crazy.

[okiemom2008]

I have just started researching the whole bk process and do not know much about the schedules. Does anyone know where you would put down your private student loans (ones not backed by the fed gov)? Can these go on the means test and then my federal loans on sched J? I know it is hard getting private student loans discharged, but i would like to try to at least get some of them discharged or I wonder if the judge can force the private lenders to decrease interest rates or into different repayment plan or something. I have no issue with my federal loans, it is just those private loans with the outrageous interest, fees, etc. And they don't want to work with you at all. It is crazy.

I have a private student loan also. I cannot discharge mine as my mom co-signed on it back when I took it out. I tried getting her name off but no one is doing consolidations on them anymore. I would just ask your lawyer. Private student loans are such a hassle!

[jennordhavn]

I have just started researching the whole bk process and do not know much about the schedules. Does anyone know where you would put down your private student loans (ones not backed by the fed gov)? Can these go on the means test and then my federal loans on sched J? I know it is hard getting private student loans discharged, but i would like to try to at least get some of them discharged or I wonder if the judge can force the private lenders to decrease interest rates or into different repayment plan or something. I have no issue with my federal loans, it is just those private loans with the outrageous interest, fees, etc. And they don't want to work with you at all. It is crazy.

You have to list ALL student loans on Schedule F even though they will not be discharged. Even your private loans will not be discharged. On one of the summary of schedules pages it will have you deduct out the amount of student loans from your total debt. This thread was discussing whether to list the PAYMENTS on the loans on your schedules. You should list them since they are non-dischargable debts and you will continue to be responsible for payments after the bankruptcy. They would go on Schedule J under "other installment payments".

[BnkrptcyLwyr]

You cannot put it on your means test but you most certainly can put it in your schedules! I did. It is an expense that is non-dischargable.

As a matter of fact, you CAN claim it (depending on your district).

For starters, the statute does not allow you to deduct debts. But then, it allows you to take extra deductions for "special circumstances." And there are many districts which DO allow you to claim it as a special circumstance! So, your mileage will vary, but there are a great many districts which are allowing it.

[danaf]

What Jennordhavn said is exactly correct!