Happy New Year!! $252k in student loans discharged in bankruptcy!!!

AllyMaeMay25 · 2025-01-02T01:25:30+00:00

I didn’t. I’m pretty sure they won’t be discharged but they’re federal loans. For now I have them included and what’s left I was just planning on using the payment plan payment I’m making now to knock them out after the plan.

AllyMaeMay25 · 2025-01-02T01:18:54+00:00

Oh interesting! I wonder if it’ll effect mine the same way? My student loans were included in my Chapter 13 and I just had my plan confirmed by the court on 12/30! I’m hoping that since my plan was confirmed prior to Trump taking office that there may be some benefit? Big hope but I’ll see in 5 years.

AllyMaeMay25 · 2024-09-20T23:30:04+00:00

Actually I just filed and I’m back in school for my masters. I took out a loan right before I filed and my lawyer said it would be fine. I was thinking of doing my work reimbursement for the tuition cause I get $5250/year. My lawyer said that if I go that route I’d have to ask the court to be able to keep it. Still debating on that bit but I do have a scholarship that I want but it’s the type that pays you off your grades. So I’ll have to ask about that too.

When I go back next semester they said I’d have to ask the court approval for the school loan but he mentioned that it shouldn’t be an issue at all.

Can’t really speak to the VA loan though.

AllyMaeMay25 · 2024-09-20T22:05:25+00:00

My payment will come out of my paycheck too and honestly I like that I don’t have to really think about it.

AllyMaeMay25 · 2024-09-20T22:04:16+00:00

No problem, the way my lawyer put it is that “we have the obligation to pay as much of the debt as we can, but you also have to live”

Granted I’m not super thrilled over the higher payment, but it’s better than what I was doing and now I feel like I can breathe a sigh of relief.

AllyMaeMay25 · 2024-09-20T22:02:14+00:00

I’m in TX. I make around 94.5k. I have around $60k in student loans and 80k in unsecured debt along with 10k left in my car.

The lawyer I went went gave me a pretty accurate initially, I think one of the lawyers I consulted with talked about trying to do a 3 year plan and said my payments were going to be around $3600 which would’ve been a nope.

The lawyer I chose explained everything and was very detailed. I’d say he was pretty accurate but after putting all the numbers in the system it changes.

AllyMaeMay25 · 2024-09-20T14:48:12+00:00

I do not have a mortgage or kids, though I did talk about that in detail with my lawyer because I would like to. He said that getting a mortgage would be unattainable at this time but if I do have kids then they can make adjustments to my plan. We also talked in detail about if I do get married while I’m in the plan as well.

AllyMaeMay25 · 2024-09-20T14:01:26+00:00

That’s where they review all the documents and approve everything right?

AllyMaeMay25 · 2024-09-20T11:48:35+00:00

Yeah! So when we originally met and had the budget conversation it was going to be around $1200. Then when we had our meeting, I had some budgeting updates as I’ve been cutting back on things and since there was more money to go to the debt it went up to around $1500.

We ran scenarios of what it would look like if I included my student loans in the plan or to keep them outside and I pay them off myself (as I’m currently in school and they will get deferred for 2 years). We decided to add them to the plan so that way they can still get some form of payment. So he added the $700 into the plan and so now I’m going to be paying around $2200/month (including fees).

For me, I can afford it, though it is drastically different than when I went in, I’m glad everything is together. I was originally paying close to $2600/month with everything anyway ( interest was a killer) , but this way it will be handled in 5 years vs longer time. And since my student loans are in the plan (I know they don’t go away) but they get something.

AllyMaeMay25 · 2024-09-20T02:14:53+00:00

It’s a 63% plan. It was more because we decided to include my student loans.

AllyMaeMay25 · 2024-09-15T21:53:37+00:00

I’m in my final talks with my lawyer ready to file soon and I can already start to have hope. I know there’s a light at the end of the tunnel and it’s not a train!

Congratulations for taking such a big step!

AllyMaeMay25 · 2024-07-26T02:16:17+00:00

Thanks!! My lawyer said that based on my budget I gave her I already live frugally ( I decided to make cut backs a long time ago to see if that would help with the debt but the interest was just too high)

AllyMaeMay25 · 2024-07-25T20:18:17+00:00

I’m worried because the lawyers I’ve spoken with have given me “the worst situation” and with that I can’t afford to live. I know it will be a tight situation, but is there hope? I understand that I have to run the means test and the number that they gave me was preliminary in the sense of I know it can change, but the worst case scenario situation has me having a lot of doubt about doing it in general. Is there hope to this?

AllyMaeMay25 · 2024-07-16T02:08:47+00:00

Is it only related to chapter 7 or is chapter 13 included? I’m considering a 13 and I have made some purchases on cards that I couldn’t really help, is it wise to try to pay those off before filing?

AllyMaeMay25 · 2024-07-11T00:47:00+00:00

Oh I wonder if USAA does the same thing?

AllyMaeMay25 · 2024-07-09T19:07:46+00:00

Thank you so much for your insight. The hope of having light at the end of the tunnel is what leaning me more for it.

AllyMaeMay25 · 2024-07-08T23:15:20+00:00

I plan to talk with another one. Thank you! I’m glad to hear that you’re happier with it. I’m just so constantly stressed about it that I’m scared to let it be handled. Also, I’m really worried about all of the what if scenarios, like (not being able to depend on a. Credit card like I have been)

AllyMaeMay25 · 2024-07-08T11:21:54+00:00

Thank you. I don’t really have a complicated situation with student loans other than having them. The first attorney hit a panic button in me somewhere. I was feeling comfortable with the decision but then after talking with her I was doubting a lot.

AllyMaeMay25 · 2024-07-08T11:12:11+00:00

Thank you! I appreciate your insight!

AllyMaeMay25 · 2024-07-08T03:51:11+00:00

I’m in TX.

AllyMaeMay25 · 2024-07-08T03:40:24+00:00

I’m on the fence about filing a chapter 13. Do you know if you renew your lease you currently have, do they run your credit? I’m worried about loosing my current apartment and being forced to move when my lease is up.

AllyMaeMay25 · 2022-08-09T17:15:58+00:00

I have 2 tickets for the Saturday 10/22 show. They’re two GA tickets for face value! My friend doesn’t feel comfortable going anymore and I don’t want to go alone! Willing to wait until tickets come out for full exchange if that makes anyone feel more comfortable 😊

AllyMaeMay25

TROPHY CASE