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Ch. 13 for only student loan debt
Not every loan qualifies for the Ford (Direct Loan Servicing) program.
On 2/1/2012 10:13 PM, Dennis McGoldrick wrote:
>
>
> use the ford program, 25 years, payment based upon tax returns.
> amount not repaid is forgiven.
>
> *From:* James T. King
> *To:* "cdcbaa@yahoogroups.com"
> *Sent:* Tuesday, January 31, 2012 9:54 AM
> *Subject:* RE: [cdcbaa] Ch. 13 for only student loan debt
>
> Since nondischargeable interest continues to accrue would that
> have any advantage?
> Can you classify students differently in a Chapter 11 versus a
> Chapter 13?
> *From:*cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On
> Behalf Of *Mark J. Markus
> *Sent:* Tuesday, January 31, 2012 9:48 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Ch. 13 for only student loan debt
> Anyone here use a Chapter 13 merely to lower payments on a student
> loan debt, without doing an undue hardship challenge? Will
> courts allow that if the student loans are the only debt? In
> other words, there would be no discharge of the debt---just a
> really small reduction in principal over 5 years. Which leads me
> to the obvious next question---can the debtor then just file
> subsequent Ch 13s over and over on the S/L debt? I'm thinking it
> might be "safer" to create a separate unsecured class and do a
> Chapter 11 case which provides for 100% payment over like 30 years.
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> This Firm is a Qualified Federal Debt Relief Agency (see what this
> means at
> http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
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The post was migrated from Yahoo.
It prevents them from garnishing wages and attaching assets so, from
the debtors' standpoint, even if it's never paid off, if he can pay
$150 a month (or whatever) it's preferable.
In a Chapter 11 you can stretch it out over a longer term but you'd
need to have a separate unsecured (or other impaired) class voting
in favor of the plan.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.
Anyone here use a Chapter 13 merely to lower payments on a student
loan debt, without doing an undue hardship challenge? Will courts
allow that if the student loans are the only debt? In other words,
there would be no discharge of the debt---just a really small
reduction in principal over 5 years. Which leads me to the obvious
next question---can the debtor then just file subsequent Ch 13s
over and over on the S/L debt? I'm thinking it might be "safer" to
create a separate unsecured class and do a Chapter 11 case which
provides for 100% payment over like 30 years.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.