This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their upcoming changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities can't plan. I've heard of courses being cut because the government has no process in place for universities to send the newly required acceptance letters to the government.

This means that students who have been accepted can not attend courses that start in the summer 2024 semester. With cut sections, current Canadian students will have trouble getting courses, and may have to switch to part-time which changes their enrollment status and might trigger repayment of their loans or ineligibility for funding. I've seen this before. It wreaks havoc on the student loan borrowers.

Again, the Liberal government has messed up the education environment. Will the new system needed in a rush for the acceptance letters be the new Arrivecan scandal?

I call on the government to implement a slower phased in approach and delay the requirement of the acceptance letters until a process is in place to submit these letters.


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Forum LockedDischarge Opposed - I don't understand the reason

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coconutprincess View Drop Down
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    Posted: 22/October/2013 at 11:28pm
My automatic discharge is opposed because of this reason:

"the assets of the bankrupt are not of a value equal to fifty cents on the dollar on the amount of the bankrupt’s unsecured liabilities"

What does this mean? And why does that matter?

I read online and it says that I can only be discharged if I satisfy the court that my assets not equaling to fifty cents on the dollar "has arisen from circumstances for which the bankrupt cannot justly be held responsible".

How can I show them that?

This is my 2nd bankruptcy and I have no assets because I have no credit and cannot get assets. Everything is in my husband's name. When I was bankrupt before, I was married to someone else and when we divorced, he kept all the assets. This is why I don't have any. "My" assets (home, car, furniture, etc.) are owned by my husband. All I own are my personal things. 

I also find this weird because my only debt in this bankruptcy is my student loan. I wouldn't have any assets resulting from a  student loan. It's not like it's a credit card that I spent on property.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 23/October/2013 at 8:30am
In a nutshell it is ambiguous. However, they hold the majority of your debt since they are the only one. Therefore, they have the right to oppose it.  They can oppose any discharge if they see fit to.  It's the government of Canada.  Based on experience they are challenging the merit of your banruptcy and forcin you to demonstrate that it was done so in good faith.  You now have to either accept the opposition with whatever conditions are set, or hire an attorney to argue your case that you have acted in good faith, made al reasonable efforts to repay your student loan, and that the reason for your bankruptcy was not just an escape route. There are so many cases of systemic frustration at the hands of both trustees and the bankrupts. The government of Canada has an office dedicated to insolvency opposition and auditors.
 
If you are employed and the opposition makes an acceptable argument that you could have - and can begin contributing back then this is the result. Since you have no assets then they can make their case based on financial posture and behavior.
 
Hope this helps.
 
 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote coconutprincess Quote  Post ReplyReply Direct Link To This Post Posted: 23/October/2013 at 10:46pm
I spoke to my trustee and he said that the majority of bankrupt people do not have assets that equal 50% of what they owe. I have to show them that the reason that I don't have assets, which is simple... I have had a bankruptcy before and because of this, my credit is poor and therefore I could never obtain any assets in my name. The student loan debt was not used to obtain assets so naturally, I have nothing to show for it aside from an education that I am currently not benefiting from. My trustee said he has seen this before and basically there is no other reason they can come up with to try to get more money, so they have used this one so they can get a foot into the door so to speak. At the end of the day, I am living well below the poverty line and am not able to afford any payments. This is what I will show them when I go to court next month.

Thanks...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 24/October/2013 at 3:26am
The government will oppose dischcharges. If your argument is stronger than theirs then you will likey succeed in a sec. 178 appeal
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote coconutprincess Quote  Post ReplyReply Direct Link To This Post Posted: 24/October/2013 at 3:34am
Do you have a link where I can read more about the 178 appeal?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 24/October/2013 at 11:18am
You can contact the trustee you hired, or you can contqact the superintendant ofr bankruptcy office in Ottawa and they wilkl give you what you need. Google them.
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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