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CH7 Questions: Student Loans and others

redneck18
Contributor

CH7 Questions: Student Loans and others

Hopefully someone here can answer a few of my questions. My attorney has very few answers for me past what will and won’t be discharged and when court is scheduled.

 

I originally filed 13, converted to a 7 at the first of June, 341 in late July. I’ll attempt to break down my questions the best I can.


Student Loans: There are numerous ones, but fall into two categories; Dept of Ed and other servicer.


The Dept of Ed loans were in default, but I was in the middle of rehab when I filed. After filing, my auto payments for the rehab ceased. I contacted the servicer and was told the account had been closed due to the BK. Anyone have any clue what will come of this loan after DC? Will I be able to start the rehab process again? If not, what is my best course of action? I won’t be in a position to pay these off, I’ll have to find some way of making payments and doing the least amount of damage to my post BK CR as possible.


The other loans are all grouped together with another servicer. These were also in default, and unfortunately, had already been through rehab. (It’s a terribly long story as how I got here (BK) and not able to keep this loan current). As a result, I won’t be able to rehab these loans again. I was told prior to BK my only options would be to pay in full, make payments although the loans would remain in default, or consolidate all of the loans and incur and 18% (ouch!) “collection fee”. Anyone have any ideas on what direction to take with these?


I had a mortgage prior to filing, was current, is current, will continue to be current. The terms of the loan stink to high heaven, I would like to refi this ASAP. Will the 2 year post BK rule apply since this is an existing mortgage? What lenders would be best to talk with regarding refi?


Most everything on my credit was due to fall off this year. I assume those items will still be excluded? I had two public records (pretty old judgments), will these be removed all together or just noted IIB?


I’m not “burning” anyone really. I included all old debts, just because, but everything was almost 7 years old as it was and had long ago been CO. How soon can I expect my scores to start recovering? They were moving upward prior to filing, then once I filed everything took a nose dive.


As always, thank you for any and all responses. Very thankful to have re-discovered this forum.

Message 1 of 6
5 REPLIES 5
redneck18
Contributor

Re: CH7 Questions: Student Loans and others

I was just looking over my CR and another question came up.

I have a small installment loan with a perfect payment history from day one. I've been paying on it almost 4 years, balance is down around 1k. This is currently noted "IIB CH 13, or discharged through BK". I'm continuing to make payments and reduce the balance but this is not being reported. I'm fine with all of that, my concern is, now May shows as being 30 days late. I filed in April and have continued to make payments. How and when can this be corrected?
Message 2 of 6
redneck18
Contributor

Re: CH7 Questions: Student Loans and others

Anyone??
Message 3 of 6
Scupra
Super Contributor

Re: CH7 Questions: Student Loans and others

Where are all the student loan guru's??

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 4 of 6
redneck18
Contributor

Re: CH7 Questions: Student Loans and others

On the above mentioned installment loan, my attorney just contacted me this morning and informed me they are requesting reaffirmation. He recommends not doing so. I have continued to keep the payments current. The balance is somewhere around 1k, maybe less at this point, he says he will charge $250 to file the paperwork to reaffirm. I'm not sure there is a reason too, especially with the balance this low, unless this will allow them to start reporting again which could help my credit rebuild process?? Any thoughts here? Still looking for answers to my above questions as well.
Message 5 of 6
Scupra
Super Contributor

Re: CH7 Questions: Student Loans and others

Reaffirming never promises reporting unfortunately
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 6 of 6
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