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BIll C-55 Effect on Proposals - NEW!!!

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    Posted: 25/November/2005 at 3:34am
2.1) A proposal accepted by the creditors and approved by the court does not release the insolvent person from any particular debt or liability referred to in subsection 178(1) unless the proposal explicitly provides for the compromise of that debt or liability and the creditor in relation to that debt or liability has assented to the proposal.

If you file a proposal and all the other creditors accept, but the student loan creditor does not, you still owe the student loan!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote akef Quote  Post ReplyReply Direct Link To This Post Posted: 04/December/2005 at 9:17pm

I have an outstanding student loan. There is a garnishment order on my salary for the provincial part and HRDC is after me for the Canada Portion.I applied for bankruptcy back in 1999. Although my student loans were included in the bankruptcy proposal, I did not benefit from that.

My question; now that Bill C55 has passed, would I benefit from it or should I file for bankruptcy again.

Thanks

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Staretz Quote  Post ReplyReply Direct Link To This Post Posted: 09/December/2005 at 5:22am
if the changes actually come into EFFECT, which wont be till June 30 at the earliest, then there is the possibility of applying to the court to have your student loans included in the bankruptcy. No guarantee that it will be accepted though.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote WorkingMama Quote  Post ReplyReply Direct Link To This Post Posted: 13/July/2006 at 9:55pm
Is there any update on when the bill c55 will come into effect? I'm also wondering about my student loan (now up to 35 gs) which i tried to include in a bancruptcy when the waiting period had just become two years. after two year went by it went up to ten so i was caught. declared b/crupt before so i don't really wanna do it again. i've been living well under the poverty line for quite some time and as a single mom don't have much hope in climbing out so... any thoughts?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Staretz Quote  Post ReplyReply Direct Link To This Post Posted: 24/July/2006 at 10:53am

Right after Hell freezes over

Early 2008 is the latest Deadline to End All Deadlines.  I am simply going to keep paying what I can afford to pay until next July, when my 10 years expires.  Then I am going to apply to have my student loans included in my bankruptcy.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote ScooterCat Quote  Post ReplyReply Direct Link To This Post Posted: 10/August/2006 at 4:53pm

Its Aug. 10, 2006 today. I finished all my BA courses in July 1997, nine years ago. Does anyone know if I can clear the debt by declaring bankruptcy today?  (Or when else?)

On Nov. 22, 2005, Bill c-55 got Royal Assent, I think.

I heard the law was due to come into EFFECT by August 2006 to allow a bankruptcy to clear a student loan debt after SEVEN years, is that right?  Thanks.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Staretz Quote  Post ReplyReply Direct Link To This Post Posted: 11/August/2006 at 4:37pm
The bill was rammed through the House on November 22, along with a couple others. 

The latest Deadline To End All Deadlines is early 2007 now.  Though really its anyone's guess. 

Even if the law did pass, there is no guarantee that all or any of the Student Loan would be included in the bankruptcy.  You would still have to prove hardship and good faith.  There might be some faint hope for those who have already gone under.  They might be able to appeal to the courts to include their student loans in their bankruptcies a bit sooner.  But expect the bar to be raised from the stratosphere to low Earth orbit.

HRDC only cares about how much money it lost during the 90's because of student loans that were defaulted into bankruptcies.  The fact that tuition increased exponentially during that time period (and since) doesn't enter into their equasions. 

My own advice would be not to count on being able to include those Student Loans in your bankruptcy without a fight.

If you are already undergoing financial distress because of your financial situation, contact Johnny at cfwgroup.  You'll find his website and ample testimonials on this site. 

So, instead of bankruptcy, go directly to Johnny
do not pass Go
do not collect $200  :)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote WorkingMama Quote  Post ReplyReply Direct Link To This Post Posted: 19/April/2007 at 10:29am
Tongue Hi everyone, So it's been a few years now... gee it's really surprising that this bill STILL hasn't taken effect... it's now mid 2007 and they can send troops to afghanistan pretty fast but they can't take care of their poor students who didn't go into the military.... that must be what this is... I think many people are lured into the military for the free education... I almost was too, even though I'm a peacenik, a beatnik and a total wimp... still I thought perhaps the military has a role for me... my country needs me, and I could be so much more, if only I had the education... now I want to take a few courses at my university to get myself back into the swing of things, get some references and up my gpa for applying to grad school and I couldn't believe the half courses were almost $500! I remember when a whole 4 month term was only twice that, which means the price has quadrupled (although I'm not a mathie) since I was a student in the late 80s and early 90s. It's damn daunting to think of graduating with this much debt. Now I worry for my child. 
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but it helps if you have someone to make it with.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Staretz Quote  Post ReplyReply Direct Link To This Post Posted: 15/June/2007 at 10:52pm
Oh, there's another bill going through the House which promises to make some legislative changes to the BIA.  It is Bill C62.  here is the link:
 
 
There isn't a single word in there about Student Loans.  Oh. Right. It's being "studied".  Again. I gave up hoping for legislative change months ago.  In a few weeks' time, my 10 years will expire and I can apply to include my loans in my bankruptcy of several years ago.  I am steeling myself for failure.  I expect that I will still have several thousand yet to pay.  But maybe it will give me a light at the end of the tunnel.
 
I deeply regret ever having gone to University.  But hey I hired the money didn't I?  I have had it.  I hope I don't sound too depressing.  I am in better shape than most who post here.  After all, I have no dependants and I have a job that pays half decently. I can even pay one of my loans down easily.  but there is no way I can afford $895 payments on a salary of $2,000 a month.  Not when rent is $700 a month.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote nooka11 Quote  Post ReplyReply Direct Link To This Post Posted: 22/October/2009 at 10:38pm
Ya I hear ya Staretz. I don't know where they come up with their numbers for the recommend payment. I make about 2000 a month after taxes and they want me to pay 800 a month on my loan. It's ****ing ridiculous. How do they expect people to pay that I do not know.
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