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Student loan discharge
Hello brain trust:Is there anyone out there who has filed an AP to discharge student loans? Anyone have any success at it? If so, can you please direct me to the case number so that I may unashamedly copy your work, um, I mean, follow in your footsteps?Thank you.- John D. Faucher818/889-8080
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My point with the 502(b)(2) cite is that it stops interest from accruing post-petition unless some other statute allows it, e.g., 506.
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My point with the 502(b)(2) cite is that it stops interest from accruing post-petition unless some other statute allows it, e.g., 506.Sent from my iPhone
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I want to thank Jon Hayes for his help in briefing the cases for today's program.
Also, thanks to Jay Fleischman for bringing technology, additional opportunities to help our clients and income.
We will have materials posted shortly.
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Christine Wilton
12650 Hoover Street
Garden Grove, CA 92841
Tel: 877-631-2220
Blog: www.losangelesbankruptcylawmonitor.com
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502(b)(2)
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On May 18, 2013, at 2:21 PM, Michael Avanesian wrote:
> Does anything prohibit me/us (assuming we can confirm the Plan) from reducing the interest rate on student loans to something very low possibly 0% in a Chapter 11?
>
> Sincerely,
> Michael Avanesian
> Attorney and Counselor at Law
>
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Does anything prohibit me/us (assuming we can confirm the Plan) from
reducing the interest rate on student loans to something very low possibly
0% in a Chapter 11?
Sincerely,
Michael Avanesian
Attorney and Counselor at Law
Does anything prohibit me/us (assuming we can confirm the Plan) from reducing the interest rate on student loans to something very low possibly 0% in a Chapter 11?Sincerely,
Michael AvanesianAttorney and Counselor at Law
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To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Student Loan Discharge
Hello everyone, I will preface my question with a comment that this
listserve is great. The questions and answers are very helpful. So here is
my question:
Facts: client signed 3 school loan contracts with Wells Fargo in 1998
in the amount of $37,919.00. When I called Wells Fargo and questioned the
source of the loans, I was told the school loans are private, independent,
"alternative loans administered through private banks designed to assist
undergraduates. An alternative loan is privately insured, credit based loan
and is not part of the Federal Family Education Loan Program [FFELP].
I just received a legible copy of the loan documents. The relevant
section states "I understand that this loan is an educational loan and is
made under a program which is funded in part by a non-profit organization
and as such is not dischargeable in bankruptcy during the first seven years
of repayment. I have a call into opposing counsel to determine what exactly
is the non profit organization referenced in the quoted clause. To date I
have no further information.
5th Circuit Caselaw: In IN RE CLARA ADDINE ROBINSON, Southern District
of Texas, Houston Division - 5th Circuit, the court held a loan contract
taken out with Apple Computer Loan program in which the loan was requested
"for my computer purchase for education use" and the contract language was
identical to that stated above with the exception that the name of the non
profit organization was specified in the contract clause, the court held the
loan met the requirements of a student loan under section 523(a)(3) and thus
was not dischargeable under Chapter 7 bankruptcy. Haven not located 9th
Circuit caselaw as of yet.
Questions:
1. Has any one run into this situation in the 9th? What result? The
school defines the loan as an alternative loan from private banks. The
contract asserts the loan is not dischargable because it is partially funded
by a non profit.
2. If a non profit organization funded client's loans in whole or in
part, and if the percentage of funding from the non profit qualifies the
loan to be non dischargeable, are then any options for arguing discharge
that I am not seeing? Lack of notice when signed the contract? Adhesion
contract?
3. Client is claiming that when he took out the loans, he was not
notified of the payment schedule he would be facing when he graduated.
Client also states that after he graduated that he received his first
billing from Wells Fargo, stating that his payment schedule was
approximately $5,000 a month. When he objected, the payment was reduced to
approximately $3,000 a month. Either way, that is a ridiculous amount of
money for a freshly graduated B.A. to be able to pay. Wells Fargo
collectors became very abusive. My question is, therefore, given these
facts, if true, are these facts aggregious enough, ie. is Wells Fargo
conduct [lack of information as to payment schedules] in violation of
regulations regarding student loans and loans in general; and can these
facts be used to negotiate a reasonable payment schedule with Wells Fargo.
If negotiation of a payment schedule is the option, on a $37,919.00 loan,
what is a likely bottomline monthly payment schedule.
Patricia S. Depew, Esq.
Law Offices of Patricia S. Depew
1801 Century Park East, Suite 2400
Los Angeles, CA. 90067
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