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I recently filed chapter 13 and wasn't aware they had included my private student loan with sallie mae into the repayment plan. I'm ok with just making one payment to the debtors court but I have two cosigners on my student loan and am curious if it will affect them or if there is anyway I can have it removed from the repayment plan. Please help.
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Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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How would removing it from your repayment plan assist your cosigners? First of all, the cosigners are protected from any collection action by the student loan agency while you are in your Chapter 13 case. If your repayment plan is paying less than the normally required monthly student loan payment, your cosigners can always pay the difference directly to the student loan creditor outside of your bankruptcy case.
Another way you can go is to amend your plan to exclude the student loan debt from your plan, but you will need to get the student loan agency to withdraw their proof of claim filed with the court, presumably in return for the cosigners making the payment directly to them.
Finally, you say that "they" included your sallie mae loan in your plan. Who is they? If you mean your attorney, then you should discuss the different options with your attorney.
Answered on Nov 27th, 2013 at 7:48 PM