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If you’ve been sued for a private student loan by National Collegiate Student Loan Trust, there’s a good chance you have no idea who they are. Here’s what I know, and what you need to know.
Have a private student loan?
Chances are pretty good that National Collegiate Student Loan Trust is involved.
This entity isn’t a lender, servicer or guarantor of your loan. Instead, it’s a series of trusts that contain private student loans packaged and sold as investment vehicles.
Due to the convoluted ways in which these sorts of trusts operate, there’s some doubt as to whether anyone can prove where your loan ends up.
Here’s how it unwinds.
A Bank Lends Money For Private Student Loans
Federal students loans originate from the U.S. Department of Education, which lends the money to students.
But those funds are limited, and college is expensive. So many students look to banks as a way to make up the shortfall. We’re talking about well-known financial institutions such as:
- JPMorgan Chase Bank, N.A.
- Charter One Bank, N.A.
- Bank of America, N.A.
- RBS Citizens, N.A.
- Union Federal Savings Bank
These, in the world of student loan securitization, are called the Originators.
The National Collegiate Funding LLC
Shortly after the bank lends you the money, the loan is transferred to an entity called The National Collegiate Funding LLC. This company has no function aside from hanging onto the loan until it’s ultimately transferred to into the trust.
They don’t collect your private student loan money, nor do they take any action whatsoever. They merely take the loans and deposit them into the trust.
In technical terms, this company is called the Depositor.
So Who Collects The Money?
Someone has to collect the money on the private student loan, right?
It’s not the bank. It’s not the depositor.
The Servicer is the company that collects the money on your private student loans. They send you bills each month and handle the accounting.
In return for this work, the servicer gets paid by the trust that owns the loans.
National Collegiate Student Loan Trust
There is more than one National Collegiate Student Loan Trust. In fact, there are many of them.
Each trust is identified using a numeric code; for example, there is National Collegiate Student Loan Trust 2007-3 as well as National Collegiate Student Loan Trust 2007-2.
Each separate trust holds a bucket of private student loan debts that have worked their way from the Originator to the Depositor. In fact, National Collegiate Student Loan Trust 2007-3 holds private student loan debt with a face value of $1,464,000,000.
Click here to see the Prospectus Supplement for National Collegiate Student Loan Trust 2007-3. Fair warning though: reading it will make your head hurt.
What Happens To The Loans Once They’re In The Trust?
Once the loans are safely in the hands of National Collegiate Student Loan Trust, bonds are sold to investors. Each bond entitles the investor to receive distributions from the trust based on the amount of money that comes in from private student loan borrowers.
The greater the percent of loans in the trust that paid, the better the return on the investor’s investment. But if too many of those loans go into default, the investors don’t make very much money.
How Trust Investors Minimize Their Risk
Investors minimize their risk in two ways.
The first involves the way in which the loans are piled into the trust. Some loans are riskier than others, so in theory they’re balanced out in the trust.
The second is far more interesting, and that’s the fact that the loans are guaranteed. Until 2008 these loan guarantees were handled primarily by The Education Resources Institute, Inc. (TERI), a nonprofit organization that touted itself as the largest private student loan guarantor in the county.
TERI filed for Chapter 11 bankruptcy in 2008 due in part to the acceleration of student loan defaults.
Who Owns YOUR Loan?
It’s difficult to say whether your private student loan is in a trust. Actually, it’s difficult to say which trust contains your loan.
That’s because each trust contains thousands of loans. Though each loan is supposedly on some master list, National Collegiate Student Loan Trust is seldom if ever willing to provide it to anyone.
They also don’t usually provide proof of the transfer of the individual loan from the bank to the Depositor to the Trust.
Much like the mortgage mess, there’s very little if any paper trail involved in the world of private student loan securitization.
If You’re Sued By National Collegiate Student Loan Trust
When someone sued you for a debt – any debt – some of what the creditor needs to prove includes:
- that you took out a loan;
- that the entity suing you owns the loan and the right to collect on the loan; and
- that the amount of money that the entity claims you owe is the proper amount due.
Can National Collegiate Student Loan Trust prove that you owe the money? It depends on whether they can provide a copy of the signed Promissory Note.
Does National Collegiate Student Loan Trust own the loan and the right to collect on the loan? It depends on whether they can show that the loan went from the original lender to the Depositor to the Trust.
Is the amount they claim to be due correct? It depends on whether they can show a complete and accurate accounting of how they came to the amount they’re claiming.
There are more issues involved in defending a private student loan collection lawsuit brought by National Collegiate Student Loan Trust, but now you can see that it’s usually a good idea to fight the case and make them prove every element before you agree to pay them any money.
The picture above is taken from the Prospectus Supplement for National Collegiate Student Loan Trust 2007-3.
What is a bankruptcy petition? This is known as a formal application that plays a significant role in how your financial situation is communicated and reviewed by the bankruptcy court. This is lengthy documentation that includes information the court needs to know while allowing you to present your case. It acts as a written request [...]
If you file bankruptcy with an attorney, you’re going to get assistance throughout the process. Your attorney is going to know exactly what needs to be done with your case. This all starts with the very first consultation. The attorney is going to be able to interview you, advise you, and notify you of potential+ Read MoreThe post What Are The Advantages Of Filing Bankruptcy With An Attorney? appeared first on David M. Siegel.
Have you made the decision to file a Chapter 13 bankruptcy? If so, you should understand that Chapter 13 serves as a bankruptcy court approved and supervised payment plan. The court approved and supervised part is important because the bankruptcy court will protect you from creditor actions as long as you stay current with your plan. By contrast, non-court supervised payment plans offer no legal protection – even if you pay every month on time payment plans that are not Chapter 13 will not stop lawsuits, wage garnishments, bank levies, vehicle repossessions or foreclosures.Chapter 13 only works if you make regular payments to your Chapter 13 trustee. The trustee collects funds and mails out checks every months to your creditors 1. How much each creditor gets and when those payments start is set out in your Chapter 13 plan, which is submitted by your lawyer and, after some negotiation with the trustee and creditors about the terms, approved by the bankruptcy judge at your plan confirmation hearing.In the Northern District of Georgia, all Chapter 13 debtors must fund their plans through a payroll deduction. The only exceptions are for self-employed debtors or situations where you can prove that your employer will not cooperate with a payroll deduction.Obviously, when your employer receives an order from the bankruptcy judge to withhold some of your wages and mail to a Chapter 13 trustee, your bankruptcy filing will become known to your payroll supervisor and perhaps to others in management at your employer.Neither Susan Blum or I have been involved in any cases where one of our Chapter 13 clients lost his job or had other problems at work because of a payroll deduction. Still, we advise our clients to speak with their payroll office to let them know that a payroll deduction order is coming.By the way, it has also been our experience that your employer may need some time to include the payroll deduction into its payroll system. You must make direct payments to your trustee during this set-up time. You risk a dismissal of your case if you do not personally make your trustee payments immediately after your case is filed. The courts do not offer any grace period.Usually the confirmation hearing for your plan will be scheduled about two to three months after you file. During this probation period you have to show that you can afford to make your trustee payments as well as other payments required by your plan, like mortgage loan payments and child support. Your plan must be fully funded by confirmation.While payroll deductions do give notice to your employer that you have filed bankruptcy, they offer a clean and easy way to make payments. In our practice cases without payroll deductions rarely make it to discharge, whereas payroll deduction cases are more likely to succeed.In closing, let me quote my friend Russ DeMott, who is a bankruptcy lawyer in Charleston, S.C. Russ points out that “payroll orders are good! They help you learn to live on the budget you set up, and therefore make your Chapter 13 payments. In turn you’ll emerge from Chapter 13 having accomplished your financial goal.”If you have any questions about filing Chapter 13 in the Atlanta area, please call Susan or me at 770-393-4985 or contact us by email.
- In the Northern District of Georgia, there are three “standing trustees” that will be assigned to your case based on which judge is randomly assigned. Each standing trustee employs several assistant trustees who may work on your case. Here is a link to standing trustee Nancy Whaley’s site where she explains the trustees’ duties and responsibilities. ↩
The post Why Must my Chapter 13 Include an Employer Payroll Deduction? appeared first on theBKBlog.
Have you made the decision to file a Chapter 13 bankruptcy? If so, you should understand that Chapter 13 serves as a bankruptcy court approved and supervised payment plan. The court approved and supervised part is important because the bankruptcy court will protect you from creditor actions as long as you stay current with your plan. By contrast, non-court supervised payment plans offer no legal protection – even if you pay every month on time payment plans that are not Chapter 13 will not stop lawsuits, wage garnishments, bank levies, vehicle repossessions or foreclosures.Chapter 13 only works if you make regular payments to your Chapter 13 trustee. The trustee collects funds and mails out checks every months to your creditors 1. How much each creditor gets and when those payments start is set out in your Chapter 13 plan, which is submitted by your lawyer and, after some negotiation with the trustee and creditors about the terms, approved by the bankruptcy judge at your plan confirmation hearing.In the Northern District of Georgia, all Chapter 13 debtors must fund their plans through a payroll deduction. The only exceptions are for self-employed debtors or situations where you can prove that your employer will not cooperate with a payroll deduction.Obviously, when your employer receives an order from the bankruptcy judge to withhold some of your wages and mail to a Chapter 13 trustee, your bankruptcy filing will become known to your payroll supervisor and perhaps to others in management at your employer.Neither Susan Blum or I have been involved in any cases where one of our Chapter 13 clients lost his job or had other problems at work because of a payroll deduction. Still, we advise our clients to speak with their payroll office to let them know that a payroll deduction order is coming.By the way, it has also been our experience that your employer may need some time to include the payroll deduction into its payroll system. You must make direct payments to your trustee during this set-up time. You risk a dismissal of your case if you do not personally make your trustee payments immediately after your case is filed. The courts do not offer any grace period.Usually the confirmation hearing for your plan will be scheduled about two to three months after you file. During this probation period you have to show that you can afford to make your trustee payments as well as other payments required by your plan, like mortgage loan payments and child support. Your plan must be fully funded by confirmation.While payroll deductions do give notice to your employer that you have filed bankruptcy, they offer a clean and easy way to make payments. In our practice cases without payroll deductions rarely make it to discharge, whereas payroll deduction cases are more likely to succeed.In closing, let me quote my friend Russ DeMott, who is a bankruptcy lawyer in Charleston, S.C. Russ points out that “payroll orders are good! They help you learn to live on the budget you set up, and therefore make your Chapter 13 payments. In turn you’ll emerge from Chapter 13 having accomplished your financial goal.”If you have any questions about filing Chapter 13 in the Atlanta area, please call Susan or me at 770-393-4985 or contact us by email.
- In the Northern District of Georgia, there are three “standing trustees” that will be assigned to your case based on which judge is randomly assigned. Each standing trustee employs several assistant trustees who may work on your case. Here is a link to standing trustee Nancy Whaley’s site where she explains the trustees’ duties and responsibilities. ↩
The post Why Must my Chapter 13 Include an Employer Payroll Deduction? appeared first on theBKBlog.
By James B. Stewart
Anyone who wonders why law school applications are plunging and there’s
widespread malaise in many big law firms might consider the case of Gregory M.
Owens.
The silver-haired, distinguished-looking Mr. Owens would seem the
embodiment of a successful Wall Street lawyer. A graduate of Denison University
and Vanderbilt Law School, Mr. Owens moved to New York City and was named a
partner at the then old-line law firm of Dewey, Ballantine, Bushby, Palmer &
Wood, and after a merger, at Dewey & LeBoeuf.
Today, Mr. Owens, 55, is a partner at an even more eminent global law firm,
White & Case. A partnership there or any of the major firms collectively known as
“Big Law” was long regarded as the brass ring of the profession, a virtual
guarantee of lifelong prosperity and job security.
But on New Year’s Eve, Mr. Owens filed for personal bankruptcy.
According to his petition, he had $400 in his checking account and $400 in
savings. He lives in a rental apartment at 151st Street and Broadway. He owns
clothing he estimated was worth $900 and his only jewelry is a Concord watch,
which he described as “broken.”
Mr. Owens is an extreme but vivid illustration of the economic factors roiling
the legal profession, although his straits are in some ways unique to his personal
situation.
The bulk of his potential liabilities stem from claims related to the collapse of
Dewey & LeBoeuf, which filed for bankruptcy protection in 2012. Even stripping
those away, his financial circumstances seem dire. Legal fees from a divorce
depleted his savings and resulted in a settlement under which he pays his former
wife a steep $10,517 a month in alimony and support for their 11-year-old son.
But in other ways, Mr. Owens’s situation is all too emblematic of pressures
facing many partners at big law firms. After Dewey & LeBoeuf collapsed, Mr.
Owens seemingly landed on his feet as a partner at White & Case. But he was a full
equity partner at Dewey, Ballantine and Dewey & LeBoeuf. At White & Case, he
was demoted to nonequity or “service” partner — a practice now so widespread it
has a name, “de-equitization.”
Nonequity partners like Mr. Owens are not really partners, but employees,
since they do not share the risks and rewards of the firm’s practice. Service
partners typically have no clients they can claim as their own and depend on
rainmakers to feed them. In Mr. Owens’s case, his mentor and protector has long
been Morton A. Pierce, a noted mergers and acquisitions specialist and prodigious
rainmaker whom Mr. Owens followed from the former Reid & Priest to Dewey,
Ballantine to Dewey & LeBoeuf and then to White & Case.
“It’s sad to hear about this fellow, but he’s not alone in being in jeopardy,”
said Thomas S. Clay, an expert on law firm management and a principal at the
consulting firm Altman Weil, which advises many large law firms. “For the past 40
years, you could just be a partner in a firm, do good work, coast, keep your nose
clean, and you’d have a very nice career. That’s gone.”
Mr. Clay noted that there was a looming glut of service partners at major
firms. At the end of 2012, he said, 84 percent of the largest 200 law firms, as
ranked by the trade publication American Lawyer, had a class of nonequity or
service partners, 20 percent more than in 2000. And the number of nonequity
partners has swelled because firms have been reluctant to confront the reality that,
in many cases, “they’re not economically viable,” Mr. Clay said.
Scott A. Westfahl, professor of practice and director of executive education at
Harvard Law School, agreed that service partners faced mounting pressures.
“Service partners need a deep expertise that’s hard to find anywhere else,” he said.
“Even then, when demand changes, and your specialty is no longer hot, you’re in
trouble. There’s no job security.” He added that even full equity partners were
feeling similar pressures as clients demanded more accountability. “Partners are
being de-equitized,” he said, as Mr. Owens was. “That’s a trend.”
Mr. Owens specializes in financing and debt structuring in mergers and
acquisitions, a relatively narrow expertise where demand rises and falls with the
volume of merger and acquisition deals that his mentors generate. Former
colleagues (none of whom would speak for attribution) uniformly described him as
a highly competent lawyer in his specialty and, as several put it, “a lovely person”
who relishes spending time with his son. But he does not seem to be the kind of
alpha male — or female — who can generate revenue, bring in clients and are
generally prized by large law firms.
At Dewey & LeBoeuf, Mr. Owens’s name was perennially among a group of
partners who were not making enough revenue to cover their salaries and
overhead, according to two former partners at the firm. But each time, the
powerful Mr. Pierce, then the firm’s vice chairman, protected Mr. Owens, they
said.
“He was very good at what he knew,” a former Dewey & LeBoeuf partner said.
“But he wasn’t built to adapt. To make it as a law firm partner today, you have to
periodically reinvent yourself.”
As partners were leaving Dewey & LeBoeuf in droves as it neared bankruptcy
in 2012, Mr. Pierce went to White & Case. Mr. Owens followed, but this time as a
salaried lawyer, not an equity partner, even though he has the title of partner.
A spokesman for White & Case said Mr. Owens and Mr. Pierce had no
comment. Neither did the firm.
Mr. Owens has been well paid by most standards, but not compared with top
partners at major firms, who make in the millions. (Mr. Pierce was guaranteed $8
million a year at Dewey & LeBoeuf.) When Mr. Owens first became a partner at
Dewey, Ballantine, he made about $250,000, in line with other new partners. At
Dewey & LeBoeuf, his income peaked at over $500,000 during the flush years
before the financial crisis. In 2012, he made $351,000, and last year, while at
White & Case, he made $356,500. He listed his current monthly income as
$31,500, or $375,000 a year. And he has just over $1 million in retirement
accounts that are protected from creditors in bankruptcy.
How far does $375,000 a year go in New York City? Strip out estimated
income taxes ($7,500 a month), domestic support ($10,517), insurance ($2,311), a
mandatory contribution to his retirement plan ($5,900), and routine expenses for
rent ($2,460 a month) transportation ($550) and food ($650) and Mr. Owens
estimated that he was running a small monthly deficit of $52, according to his
bankruptcy petition. He has gone back to court to get some relief from his divorce
settlement, so far without any success.
In his petition, Mr. Owens said he didn’t expect things to get any better in
2014.
And they could get worse. The most recent deal on White & Case’s website in
which Mr. Owens played a role was the relatively modest $392 million acquisition
of the women’s clothing retailer Talbots by Sycamore Partners, in which Mr.
Owens (working with Mr. Pierce) represented Talbots. That deal was announced in
May 2012. The White & Case spokesman did not provide any examples of more
recent deals.
“In almost any other context, $375,000 would be a lot of money,” said
William Henderson, a professor at the Indiana University School of Law and a
director of the Center on the Global Legal Profession. “But anyone who doesn’t
have clients is in a precarious position. For the last 40 years, all firms had to do
was answer the phone from clients and lease more office space. That run is over.
The forest has been depleted, as we say, and firms are competing for market share.
Law firms are in a period of consolidation and, initially, it’s going to take place at
the service partner level. There’s too much capacity.” He added that law firm
associates and summer associates had also suffered significant cuts, which has
culled the ranks of future partners.
All this “has had a huge effect on law school enrollment,” Professor
Henderson said.
Mr. Clay, the consultant, said many firms had been slow to confront the
reality that successful service partners were probably going to need to work more
hours than rainmakers, not fewer, to justify their mid- to high-six-figure salaries.
Many of them “seem to have felt they had a sinecure,” Mr. Clay said. “They’re well
paid, didn’t have to work too hard, they had a nice office, prestige. It’s a nice life.
That’s O.K., except it’s not the kind of professional life that will do much for a firm.
These nonequity positions were never meant to be a safe place to rest and not
work as hard as everyone else.”
And these lawyers may have to give up the pretense that they’re law firm
partners. In his bankruptcy petition, Mr. Owens describes himself as a “contract
attorney,” which has the virtue of candor.
“From a prestige standpoint, being called a partner is something that’s very
important to people,” Mr. Westfahl observed. “Lawyers tend to be very
competitive, and like all people, titles and status matter. But to the outside world,
where people think all partners are equal, it’s deceptive. And inside the firm,
everyone knows the real pecking order. When people see that partners are treated
disparately, it causes unnecessary dissonance and personal frustration.”
Copyright 2014 The New York Times Company. All rights reserved.
In Washington, the court imposed filing fee for a Chapter 7 bankruptcy is $306. Chapter 7 Bankruptcy filers have the option of paying this filing fee after their cases are filed. Our office prepares the required application for you so that you can get your case filed quickly and pay the filing fee later. If you do choose this option, the Washington Bankruptcy Court will impose an installment payment schedule that will enable you to pay off your filing fee in the 12 weeks after your case is filed.
It is important to remember a couple things. First, while the court is happy to accept payments, it is not going to work with you when it comes to their timing. Your case will likely be dismissed within moments if it does not arrive on time. It is critically important that the payments be made on time. Second, the court is not going to take a credit card or debit payment over the phone, the payment must be received by the due date. The repercussions for not making the payment on time are severe. Your case will be dismissed and can only be reopened if the entire filing fee is paid in full plus the reopen fee of $260. If you can pay off the filing fee early, do so.
If you can pay off the Washington Chapter 7 filing fees prior to filing by all means do so. If you do want to pay them in installments that’s fine too, just keep in mind that the court is not a flexible creditor. You will receive an order in the mail shortly after your case is filed spelling out the forms of allowable payments, the due dates and the payment address. Be on the look out for it(unfortunately while it comes in a very official looking envelope, it is flimsy enough to get caught up in your junk mail). Save it and if you lose it, call us immediately so that we can get the information to you.
When it comes to Chapter 13 Bankruptcy cases, the court filing fee is $281. The installment arrangement is available. The court requires that $100 be paid up front and the remainder will simply be paid through your Chapter 13 Plan. Please feel free to contact me any time via email or phone if you have any questions at all about the Washington Bankruptcy Filing Fees.
The original post is titled Washington Bankruptcy Filing Fee Installment Plans , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
Telling the bankruptcy court that you’re surrendering property in a Chapter 7 bankruptcy doesn’t mean it’s not yours anymore.
When you file for Chapter 7 bankruptcy, you complete a document titled “Statement of Intention.” That document outlines for the court what you intend to do with the property that’s secured by debts.
Think mortgages and car loans.
You can indicate that you’re going to keep the property and pay the debt, keep the property and pay off the debt through the bankruptcy court, or surrender the property altogether.
The choice is yours. But just because you say something, doesn’t mean it’s set in stone.
Rather, this is a statement of your intention – what you want to do with the debt and the property. It doesn’t reflect what the lender can or will do.
You Still Own The Property Until It’s Transferred
In the case of a house, your statement that you’re giving it up in the bankruptcy means nothing more than you don’t want the house anymore.
It doesn’t mean that you have actually given it up.
To give up legal title to property, the lender needs to accept ownership.
Related:
- Redemption, Reaffirmation and Surrender: Your Options In Bankruptcy
- Can You Reaffirm A Mortgage After Bankruptcy?
Transfer Of Ownership Requires Legal Action
Though you’ve offered up the property to the lender as part of your bankruptcy, there’s still a legal process involved in taking it back.
In the case of real estate, the lender will usually continue with a foreclosure proceeding. Depending where you are, that could take some time to complete.
You’re free to offer up the property to the lender through a deed in lieu of foreclosure, short sale or other mechanism but it’s not necessary.
Related:
In fact, just leaving the lender up to its own devices will often give you more time to pack up the house and find a new place to live.
Your Financial Responsibilities To The Lender
Until the lender takes back the property, you don’t need to keep making payments.
Once the lender picks up the property or forecloses, you don’t need to make payments.
So long as you didn’t reaffirm the debt and the discharge comes through, you’re all set.
Your Other Financial Responsibilities
If there’s a homeowner’s association, you’ll need to pay your new HOA dues until such time as the property is legally transferred to the lender. The HOA fees that accrued up to the date of filing bankruptcy will be discharged in your bankruptcy case, but those that accrue once the case is filed are not going to be wiped out.
You’ll also need to pay your homeowner’s insurance and property taxes (unless the lender is paying them).
With respect to vehicles, remember state laws about keeping insurance in place.
Related:
Talk With Your Lawyer
Filing for bankruptcy involves keeping lots of balls in the air, and issues can get confusing.
Talking with your lawyer as the process unfolds will help you keep things clear, making the most of your bankruptcy.
Authors of a recent Student Loan Study have concluded that Congress should create new classifications for both federal and private student loans and make some of them dischargeable in bankruptcy.
Under current law, as any Washington or Oregon debtor can tell you , student loans are almost always impossible to discharge in bankruptcy.
The report calls for two student loan classifications. Loans would be either qualified or non-qualified. Qualified student loans would remain protected from bankruptcy discharge. No In order to receive this status. The loans would have to offer manageable repayment terms such as capped interest rates and would only be offered to students in college programs with proven records with respect to job placement.
Non-qualified student loans, loans with untenable repayment plans for students who enroll in inadequate education programs would be eligible for chapter 7 bankruptcy discharge after a certain waiting period.
The solution proposed in the report is long overdue. The percentage of students taking out student loans has risen exponentially in recent years. During a bad economy with a bleak employment picture and a decline in manufacturing jobs, more and more people in both Washington and Oregon have felt compelled to take loans in the hopes of finding job security. Because the employment picture has remained bleak post graduation, we now have more than seven million college loan borrowers in default. It seems that anything would be better than the current status quo.
If you are struggling with student loan obligations give our office at call or set up an appointment at any of our Oregon and Washington locations.
The original post is titled Hope for Student Loan Borrowers and Bankruptcy , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
I’m Northern Virginia bankruptcy lawyer Robert Weed. I want to talk to you about using Chapter 13 bankruptcy to stop foreclosure in Virginia. Before the housing crisis, Chapter 13 bankruptcy was the best way to stop foreclosure in Virginia. Today, a lot of the time, getting a loan modification is a better way to stop […]The post Stop foreclosure in Virginia with Chapter 13 Bankruptcy appeared first on Robert Weed.
Updated daily, this blog will keep you informed on the latest bankruptcy news! 
Learn more about how Bankruptcy works and what you need to know.