Chapter 13 bankruptcy and student loans
Here we go again, three more people sending the same question - can the student loans be discharged under Chapter 7? The answer - it is so hard that it is practically impossible. You can however try to include your student loans into court approved repayment plan filed under Chapter 13 bankruptcy. You basically looking at two scenarios. You can pay the student loan as scheduled, outside of the Chapter 13 plan, making lower payments to other unsecured creditors, OR pay ongoing student loan payments through the Chapter 13 plan, resulting in a higher payments to other unsecured creditors, but allowing unpaid interest on the student loan to accumulate and capitalize, creating a negative amortization situation which you will have to address in a few years after repayment plan is over.
Thu Oct 23, 2008 03:10PM | Copyright: www.bad-credit-advisor.com | More in Student Loans | Comments (0)
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