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getting another student loan after bankruptcy

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docsis4 View Drop Down
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    Posted: 03/June/2015 at 9:57am
just wondering if anyone has any experience getting a second csl loan after a defaulted loan was dischard in bankruptcy   id like to get financing to finish my degree  ... the rules seem sketchy on the one hand i obvioudly fail a credit check ..but technically i already had one done 10 years ago ... the whole point of bankrupcy is to get A FRESH BSTARt so i hope they dont descriminate based on old discharged loans
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 03/June/2015 at 11:59am

The fresh start is a myth for most people. Unless you have strong financials, but if you did then bankruptcy wouldn't have been filed. If a person suddenly becomes financially strong post bankruptcy then credit can simply be bought back for a price.

The identity you assume as a bankrupt will follow you around for a long time to come despite what those who support bankruptcy say. Financial an government organizations are able to store information about you as a safeguard to them in case you decide to approach them again in the future. There area lot of people who have run out of creditors to approach for new credit after not one, but two and sometimes three prior bankruptcy actions.

Bankruptcy is a paradox. On the one hand, there are people who "use" it to "get out" of debt quickly  without any thought of it being a last resort. On the other hand, there are people who "need" it to get out of debt, and either avoid credit prospecting and acquisition all together in the future; or seek only what is required for the purpose of necessity rather than it's luxury.

Even people with derogatory credit can obtain a secured credit card for use. I see both sides of the spectrum daily and it fascinates me what things motivate people to go bankrupt without even giving it a second thought.  

Most people who go bankrupt don't have the desire to have credit.

When you apply for credit or financing of any sort I do believe there is a box you have to check "yes or no" with the attached question "Have you ever been part of any bankruptcy proceeding?". This shifts its paradox to the extent of a person's moral obligation to be truthful (or not). The fact that bankruptcy activity is stored by the two sectors I mentioned is something every bankrupt should be aware of. It';s not a question of honesty and integrity. It is a matter of risk and the financial and government communities manage risk in the most unusual ways.


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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docsis4 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote docsis4 Quote  Post ReplyReply Direct Link To This Post Posted: 03/June/2015 at 12:32pm
fyi 

after making some calls  cslp has a 3 year rule after date of discharge before a person is eligable to get whats called a "clearance letter" so no federal loan for me.. i believe nova scotia loans are not as strict
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Post Options Post Options   Thanks (0) Thanks(0)   Quote secondchance Quote  Post ReplyReply Direct Link To This Post Posted: 01/February/2018 at 9:51pm
Originally posted by Johnny Johnny wrote:

The fresh start is a myth for most people. Unless you have strong financials, but if you did then bankruptcy wouldn't have been filed. If a person suddenly becomes financially strong post bankruptcy then credit can simply be bought back for a price.

The identity you assume as a bankrupt will follow you around for a long time to come despite what those who support bankruptcy say. Financial an government organizations are able to store information about you as a safeguard to them in case you decide to approach them again in the future. There area lot of people who have run out of creditors to approach for new credit after not one, but two and sometimes three prior bankruptcy actions.

Bankruptcy is a paradox. On the one hand, there are people who "use" it to "get out" of debt quickly  without any thought of it being a last resort. On the other hand, there are people who "need" it to get out of debt, and either avoid credit prospecting and acquisition all together in the future; or seek only what is required for the purpose of necessity rather than it's luxury.

Even people with derogatory credit can obtain a secured credit card for use. I see both sides of the spectrum daily and it fascinates me what things motivate people to go bankrupt without even giving it a second thought.  

Most people who go bankrupt don't have the desire to have credit.

When you apply for credit or financing of any sort I do believe there is a box you have to check "yes or no" with the attached question "Have you ever been part of any bankruptcy proceeding?". This shifts its paradox to the extent of a person's moral obligation to be truthful (or not). The fact that bankruptcy activity is stored by the two sectors I mentioned is something every bankrupt should be aware of. It';s not a question of honesty and integrity. It is a matter of risk and the financial and government communities manage risk in the most unusual ways.



Johnny, I see you are pretty much the only person who uses this forum, rather than the multitudes who come here seeking answers to questions. 

Your answers are generally the same: lots of preaching about how bad it is to declare bankruptcy, and no response to the actual question. It makes me question if you have a alterior motivations. Is this your personal platform? Are you hoping to get business here? 

You've been on this board long enough to post 5000+ times -- do you honestly have no knowledge about anyone getting a student loan after discharging their previous loans? I mean, there must have been people posting in here about it? 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 03/February/2018 at 8:45am
If I remember correctly, the student loan act and regulations do not allow anyone to get loans after bankruptcy, unless you rehabilitate the loan by paying it back in full plus interest.  But then, if you could do that, you wouldn't have gone bankrupt.

I haven't seen any posts here on the site that indicate that someone got a new student loan after going bankrupt. If some one has, please post here and let us know how you got it....

PS: John is the most knowledgeable person providing advice.... he has done so freely for years as a volunteer.  We need to thank him not criticize, although I do understand your concerns.... 
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 04/February/2018 at 10:57am
SecondChance

You Wrote 

'Your answers are generally the same: lots of preaching about how bad it is to declare bankruptcy, and no response to the actual question. It makes me question if you have a alterior motivations. Is this your personal platform? Are you hoping to get business here?"

Bankruptcy is a LAST resort. Therefore, it should be treated a a last resort. When is a last resort for someone, and of great benefit then I recommend it. 

I not preach. I simply post signs going up that crappy mountain that say 'watch your step'. 

What do you mean by'personal platform'. I spend time here periodically to help and guide people. If people want to hire me to do things for them then that is up to them. I spend time here on my own dime, and do a crazy amount of pro bono work for people who cannot afford to pay for help. 

You asked 

'do you honestly have no knowledge about anyone getting a student loan after discharging their previous loans?'

Here is what i would like to ask that you do. Call Service Canada and ask them this question, then come back and post you are told. 
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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