Bankruptcy and Proposal Info and Issues

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Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Bankruptcy and Proposal Info and Issues
Forum Description: Get your questions answered about bankruptcy and proposals
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6363
Printed Date: 19/April/2024 at 12:42am
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Topic: Question

Posted By: Aliss
Subject: Question
Date Posted: 10/February/2012 at 3:32am

I've been to see a trustee in bankruptcy. I wanted to know if I go back to school without getting a government loan if I need to wait another 7 years from the time I finish school in order to go bankrupt or could I go bankrupt within the same amout of time as long as I don't get another government loan.

All the backrupct act seems to say is that you can file bankrupcy 7 years after having been a student; although the trustee said there's been case ruleings on that and he sited the McNutt vs CarswellNS case from 2008. In this case it was ruled that the bankruptcy can take place from the last time the student got student loans.

I just want to know any additional informaiton on this topic if you have it.

Replies:

Posted By: SolveStudentDebt
Date Posted: 11/February/2012 at 9:33am

You can go bankrupt any time you see fit to do so. The law says that you can apply to have your student loan discharged once you have ceased to be a full or part-time student for 7 seven years (5 in cases of extreme hardship with extenuating circumstances). That law applies to student loans ONLY, so if you attend studies on your own nickle then there are no student loan involved. Your prior student loans would carry the same time restrictions (either 5 or 7 years) as described in the BIA.

Johnny

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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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