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The answer differs from one bankruptcy jurisdiction to another, so discuss it with your bankruptcy attorney.
In general, student loans are unsecured loans and have to be treated as all unsecured creditors in a plan. The student loan lender cannot use its collection/garnishment powers until the case is over.
That means you may be paying the student loan lender nothing or up to full payment over the life of the plan. Few people can pay student loans off completely in 5 years or less, so interest will accumulate. When the plan ends, you will owe a lot more.
In some jurisdictions, it is possible to place student loans in a separate class and treat them differently in a plan, or pay them outside the plan as a monthly expense in Schedule J.
What else can I help you with?
Can you apply for federal student loans while under chapter 13?
Yes, you can apply for federal student loans while under Chapter 13 bankruptcy. Filing for Chapter 13 does not affect your eligibility for federal student aid, as the loans are not considered income. However, it's important to ensure that your repayment plan is manageable alongside any new student loans you may take on. Always consult with a financial advisor or bankruptcy attorney for personalized guidance.
Can you obtain a student loan with the exception of the federal loan after filing chapter 13 bankruptcy?
Yes, it is possible to obtain a student loan after filing for Chapter 13 bankruptcy, but it may be more challenging. Private lenders often consider your credit history, which may be affected by the bankruptcy. Additionally, while federal student loans typically do not require a credit check, private loans may. It's advisable to check with various lenders for their specific policies regarding borrowers with a bankruptcy history.
How can you get your student loan to not be shown as included in bankruptcy since you are paying on it?
You must list all debt owed in a bankruptcy. In a Chapter 7 Bankruptcy federal student loans are listed on Schedule F as a unsecured non-priority debt with an indication that they are student loans. Please note that nothing in this posting or in any other posting constitutes legal advice.
What happens with your student loan if both you and your cosigner have bad credit?
If you are getting a Federal Student Loan credit is not an issues. I just got a Federal Student loan and my credit is BAD!!! The thing is, is that it's a Federal Loan so you will always owe that money, even if you claim chapter 7 or 13. I was worried about that too, but I got one just fine.
What will happen with your federal student loan eligibility if you file for bankruptcy while attending school?
Bankruptcy will not get U off the hook for the federal student loan. They used to have a hardship deferral, but I do not know for how long it lasts, or if that still hold true. Check the financial aid office for the latest laws and regulations.
Can you apply for federal student loans while under chapter 13?
Yes, you can apply for federal student loans while under Chapter 13 bankruptcy. Filing for Chapter 13 does not affect your eligibility for federal student aid, as the loans are not considered income. However, it's important to ensure that your repayment plan is manageable alongside any new student loans you may take on. Always consult with a financial advisor or bankruptcy attorney for personalized guidance.
Can you file bankruptcy for your student loans and keep your house out of it?
If the student loan is a federal loan and not a private loan then the answer is no. Federal student loans can not be included in bankruptcy, you will always be responsible for repayment of FEDERAL student loans.
Can you obtain a student loan with the exception of the federal loan after filing chapter 13 bankruptcy?
Yes, it is possible to obtain a student loan after filing for Chapter 13 bankruptcy, but it may be more challenging. Private lenders often consider your credit history, which may be affected by the bankruptcy. Additionally, while federal student loans typically do not require a credit check, private loans may. It's advisable to check with various lenders for their specific policies regarding borrowers with a bankruptcy history.
Do student loans automatically come with filing bankruptcy?
Federal Student loans cannot be discharged in bankruptcy. You must repay them.
What is meant by student loan bankruptcy?
Student loan bankruptcy happens when a student has not been a student for the last 7 years and declares bankruptcy. For more information please contact a student loan office.
How can you get your student loan to not be shown as included in bankruptcy since you are paying on it?
You must list all debt owed in a bankruptcy. In a Chapter 7 Bankruptcy federal student loans are listed on Schedule F as a unsecured non-priority debt with an indication that they are student loans. Please note that nothing in this posting or in any other posting constitutes legal advice.
How hard is it to claim student loans on a chapter 7 bankruptcy?
I have been through Chapter 7 twice and both times was unable to claim my Student Loan.
Can my wages be garnished by the student loans while i am in a chapter 13 bankruptcy?
If your bankruptcy is currently active, collection efforts on the student loan will cease until the bankruptcy inactive at which point collection activities will start again.
Student loan co signers I filled chapter 7 bankruptcy in Michigan can my name be removed from the sallie Mae student loan that I co signed with my son under Michigan bankrutcy law?
Most student loans are not dischargeable under any chapter of Bankruptcy in Michigan.
Can you file a student loan in chapter 13 bankruptcy?
Gov't insured or Guaranteed loans are not dischargable.
What happens if a creditor is disputing a debt to be included in a chapter 13 is filed?
contact them and ask them why...if it's a credit card...or basically anything but student loans they have to accept the terms of the bankruptcy. get in touch with the lawyer who did your filings for your bankruptcy proceedings and they should get it taken care of.
You are 36 and have just completed a chapter 7 bankruptcy are you eligible for student financial aid in form of grants and loans?
Neither your age nor your recent bk would disqualify you from federal financial aid.
