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Aliss View Drop Down

Joined: 08/February/2012
Location: London
Points: 5
Post Options Post Options   Thanks (0) Thanks(0)   Quote Aliss Quote  Post ReplyReply Direct Link To This Post Topic: Question
    Posted: 10/February/2012 at 7:32am
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.
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Johnny View Drop Down
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Joined: 05/November/2003
Location: Canada
Points: 5932
Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 11/February/2012 at 1:33pm
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.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.
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