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Aabe
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Topic: Bankruptcy question-help Posted: 11/April/2008 at 1:26am |
It is 8 years passed since I have attended school. Can I apply for bankruptcy now? I went to a bankruptcy lawyer yesterday and he told me that I could not do it now and he said maybe on January 09 you can do that. Is this right? What should I do? I am really tired of the calls that I get from the collections and I want it all end. What should I do now?
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 11/April/2008 at 2:02am |
Are you actually bankrupt? TEll us more about your situation. There are millions of people who are tired of colleciton calls and want that to end. However, it does not mean that they are all bankrupt. You follow?
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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Aabe
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Posted: 11/April/2008 at 7:45am |
I am in no condition to pay up my loan. I am a single parent and have had lots of problems with my child and have been paying the minimum up until now and I want to go for bankruptcy, so that at least, I will have a chance for a little better than living like now, for future. I don't have that much balance on my credit cards except maybe about $5000.
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Aabe
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Posted: 16/April/2008 at 5:24pm |
Was the bankruptcy trusty right and I cannot go bankrupt or can I go bankrupt for my student loan?
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SolveStudentDebt
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Posted: 17/April/2008 at 11:46am |
Definition of bankrupt: a debtor who is judged legally insolvent, and is - or will not be able to pay any of his/her debts in the forseeable future.
You cannot enter into insolvency proceedings just because of your student loan. It is a total package. You cannot pick and choose what you declare.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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Aabe
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Posted: 19/April/2008 at 11:01am |
I know that if I go bankrupt, I will be bankrupt for everything and the definition of bankrupt is right for me even though, because of my student loan I want to go bankrupt. I have no mean of paying it back. It has been 8 years that I have not been able to pay more than the minimum and it is not possible to pay it back in future also. I heard about this 10 years to 7 years change and I thought now, I could apply for bankruptcy. This is my question that when I go bankrupt, does it include my student loan also or not? Can you please let me know.
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SolveStudentDebt
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Posted: 19/April/2008 at 11:43am |
Again, you have to be considered a bankrupt before you file. Otherwise, it is a waste of your money. If the student loan sector feels that you are going bankrupt only because of your student loan, then there will be opposition. If you have been out of school for 10 years, you can "apply" to have your loans discharged. There is no guarantee that your student loan will be discharged. It all depends on how the government views the proceedings, and your claim of hardship with extenuating circumstances.
All you can do is go bankrupt and find out. No one here is going to tell you it will or won;t be discharged.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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Meengin
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Posted: 29/April/2008 at 9:35am |
What if your school went bankrupt? how do you get the loan back?
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SolveStudentDebt
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Posted: 01/May/2008 at 12:05am |
YOu have to appeal to the government of Canada and demonstrate that you are the victim. Try that route first.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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Meengin
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Posted: 01/May/2008 at 1:46pm |
How do I do that? I've been tossed around in circles for 9 years now OSAP tells me to contact the collection agency, the agency tells me to speak with Revenue Canada (because the agency is Garnishing), Revenue Canada tells me to talk to the agency again. They in turn toss me back to OSAP, OSAP tells me then to talk to the Ministy of Training, Colleges and universities, The tell me that they don't know anything then point me to the Ministry of Collections, they tell me that they can't do anything that I have to talk to OSAP. Then OSAP tells me that too bad because I signed the pappers I'm still responsible. (even though I never recieved the funds or the education). Like this is getting stupid... I'm Glad the 10 years is almost up Bankruptcy here I come! But it would be nice if I can have this fixed without distroying what little credit I have due to this.
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SolveStudentDebt
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Posted: 02/May/2008 at 3:10am |
PEople who owe money tend not to be heard when they want to voice their concerns and hardships. THis is why they need help. YOu can do it simply by providing as much documentation as you can muster, with a request for consideration. If they refuse to consider, then they are not following their own policies and procedures. If this is the case, then they can get into a lot of trouble.
Don't back away from this. Instead, convert your negative experience into positive energy. You do this - you succeed. If you need help, I have some shoulder space.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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Meengin
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Posted: 06/May/2008 at 12:31am |
they absolutely refuse to budge...they say I owe the principal and 9 years worth of interest. which = close to 15000 I've tried to explain to them that I can't pay that in the time they want me to (1year) as my annual income is only 21000..then the guy on the phone told me to get a loan to pay it...I busted a gut laughing at that one. This is now getting serious as I've haven't filed taxes for 2 years and now this is going to effect my wife for Child tax bennifit...
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thundercat
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Posted: 09/May/2008 at 2:28am |
That is funny, how can you get a loan to pay it off when the student loan has already ruined your credit from getting a loan in the first place.
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Meengin
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Posted: 11/May/2008 at 12:33pm |
No kidding I can't even get welfare cause I don't meet the credit rating criteria.... I've since gone to the bank and laid it out straight with them...brought in proff that my school declaired bankruptcy (over 16 Million in Liabilities) and refused to leave until I spoke with a manager. They kept trying to tell me to call the central toll free number for Scotiabank OSAP and I told them no that I'm there and they need to deal with me. Finaly I was able to speak with a manager and explained my situation, she in turn starting going through the same crap with the phone calls that I was going through... you know good ol passing the buck. She couldn't believe the run around that I was getting.. As she was making phone calls she sent an inernal msg to records to see if there was anything down there... the clerk remembered that 10 years ago a bunch of students came there with pappers to be filled out so that thier loans wouldn't be disolved in a school's bankruptcy. In fact the pappers were so that the students would be credited those funds. She then recalled that a teller was fired for not doing the papper work. After a bit of investiagation the Manager discovered that the old teller was the one that handled my OSAP and ofcourse my papper work didn't get completed, along with many others. Anyways long story short after some calles to Scotiabank presidential office and the fact that they haven't been able to get a cent from me I'm pleased to say that on the spot $26 000 was wipped clean. But unfortuanly 15 000 (OSL) went to the Ministry of Traning, Colleges and university for collection.. Now I get to argue with the Government.. Any tips here would be good.
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Meengin
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Posted: 20/May/2008 at 9:26am |
So after much running around I finally got a copy of a copy of my alledged Loan repayment form.. I love how in the upper Left hand corner it says "Bankruptcy Documentation". And after calling my bankruptcy trustee from 2000 I found that the MTCU did infact file a claim in my bankruptcy.. Yet they are still trying to get the money from my income tax... gotta love getting Hosed by our provencial Government..
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Meengin
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Posted: 11/June/2008 at 11:35am |
Johnny.... well things are starting to work out. Just got a letter today from my lending institution admitting 100% fault that they dropped the ball and that non of this should have happened. the MTCU is now reviewing my loans and the 10 years of interest. Tomorrow I go and see a Lawyer for a suit against the lending institution. 10 years of Financial distress because they messed up on the total amount that I actually owed. This resulted in me not being able to pay back the loan cause the ammount that they wanted me to back was incorrect. I'll keep you guy's posted.
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SolveStudentDebt
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Posted: 14/June/2008 at 4:03am |
Kudos for not backing down. You will see results. Most certainly.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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