Co-signer/Student Loan and Home - Re affirm?
Date: Sat, 02/07/2009 - 17:14
Many questions below - thanks in advance:
As I asked before - the student loans are listed as a "Special Circumstance" on the means test, or are they listed in priority debt? They are not secured by anything (well unless you count that I have no alternative to paying them and they are technically secured by my job, LOL). Without them - we do not pass the means test per my calculations on the wesites that let you punch in your numbers.
As my student loans cannot be discharged in my BK7, but will be included on paperwork, will the co-signer on them be notified - or not, since I will continue making those payments during the process? Lets just say I was not making payments on them - once I file BK do collection efforts stop for the time being, or since they are non dischargable do those efforts continue?
Also, same with the mortgage. If we re affirm the mortgage will the co-signer on that be affected or notified? Does reaffirming the mortgage mean that if at some point we walk away from the home (let's just say) we are held in a different regard then if we did not re affirm it in terms of the bank being able to come after us (as opposed to the thousands of people walking away from homes outside of BK and letting them forcluse w/out getting sued (ex. my entire neighborhood)? If that made any sense....
Let me re-word: We want to keep the home -we think. It will be listed in the BK and we will continue to make payments, should we re affirm? Or just keep making payments in case we want to walk away from it later (it is worth 200K less than when we bought it) Can we attempt to reaffirm for less than owed through this process (permitted the co-signer was agreeable as well to this as I am sure it would be a ding on the credit for her at that point)? Does re affirming mean that if we walk away they will have MORE of a right to sue us than if we were not filing BK at all and walked away?
Ugh, this is so crazy.
As I asked before - the student loans are listed as a "Special Circumstance" on the means test, or are they listed in priority debt? They are not secured by anything (well unless you count that I have no alternative to paying them and they are technically secured by my job, LOL). Without them - we do not pass the means test per my calculations on the wesites that let you punch in your numbers.
As my student loans cannot be discharged in my BK7, but will be included on paperwork, will the co-signer on them be notified - or not, since I will continue making those payments during the process? Lets just say I was not making payments on them - once I file BK do collection efforts stop for the time being, or since they are non dischargable do those efforts continue?
Also, same with the mortgage. If we re affirm the mortgage will the co-signer on that be affected or notified? Does reaffirming the mortgage mean that if at some point we walk away from the home (let's just say) we are held in a different regard then if we did not re affirm it in terms of the bank being able to come after us (as opposed to the thousands of people walking away from homes outside of BK and letting them forcluse w/out getting sued (ex. my entire neighborhood)? If that made any sense....
Let me re-word: We want to keep the home -we think. It will be listed in the BK and we will continue to make payments, should we re affirm? Or just keep making payments in case we want to walk away from it later (it is worth 200K less than when we bought it) Can we attempt to reaffirm for less than owed through this process (permitted the co-signer was agreeable as well to this as I am sure it would be a ding on the credit for her at that point)? Does re affirming mean that if we walk away they will have MORE of a right to sue us than if we were not filing BK at all and walked away?
Ugh, this is so crazy.
If you have a cosignor on the student loan and if by the outside
If you have a cosignor on the student loan and if by the outside chance they are discharged for you, the cosignor will be pursued for the entire balance.
Some funny jokes
Bad command. Bad, bad command! Sit! Stay! Staaay..
Sorry if an old one - but very very funny.
I am not even looking to have the student loans discharged, I un
I am not even looking to have the student loans discharged, I understand what that entails fully and would never qualify. I am speaking of the meer fact that they are listed as a debt -would that trigger something going out to the co-signer. I read that co-debtors are protected under the stay of BK so I would assume they cannot contact them (even tho I am planning to continue paying them).