I am preparing to file bankruptcy early next month. My end of study date is August 2002. This morning I spoke with a creditor who said the new 7-year rule is for loans taken out after the legislation was enacted so my loans would not be discharged as I would still be held to the […]
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Student Loans and Bankruptcy in Canada
Current legislation on student loans in bankruptcy and proposed law changes
News Flash: New Bankruptcy Laws Came into Effect on July 8, 2008
Does this sound like you?
- Huge student loan debt.
- Interest building up faster than you can repay.
- Considering bankruptcy to get a fresh start.
Under current law, Canadian student loan debt can be discharged in a bankruptcy, under the condition that at least ten years has passed since the individual ceased to be a full-time student. However, the new proposed rules may lower that limit; please refer to the Canadian Student Loan Bankruptcy Blog for the current status of this proposed legislation.
To find answers to your more specific questions about student loans in bankruptcy:
- Read the latest expert responses to anonymous questions on student loans below.
- Search our blog archive for "student loan" (and for other related keywords):
Read our articles about student loans in bankruptcy:
- What happens to my student loans if I file for bankruptcy in Canada
- What can I do if I can’t repay my student loans
- What are the advantages and disadvantages of student loan debt consolidation
To ask a question about Canadian student loans in bankruptcy:
- Post an anonymous question about student loans to our blog.
- Email your question to a bankruptcy trustee in your area, who will be glad to respond to your individual situation.
You can also contact a trustee for a consultation: your first meeting will be free of charge or obligation, and will deal exclusively with your personal circumstances.
For questions on student loan debt and related topics, trust the experts at Bankruptcy Canada!
The latest questions on Student Loans in Bankruptcy, with our experts' responses:
Posted on Monday, March 8, 2010
posted by Questions @ I finished my undergraduate degree in 2000, and then ceased to be a student for one year; in 2001 I went back to graduate school and just finished everything this year (without taking any more loans since my undergrad days). Can I get rid of my student loans by bankruptcy? And, more generally, […]
Posted on Friday, December 18, 2009
What exactly constitutes being `out of school` for 7 years. Does this mean full time post graduate education in an accredited school in Canada?
What about part time studies?
Does studies abroad count?
Posted from: Ontario
Posted on Thursday, December 17, 2009
hi there,
can you please provide a link with information on the five year hardship rule? i will be eligible for this in approximately one year with well over 40000$ in student loan debt and a salary of just over 30000$ but i cannot seem to locate the conditions of this rule. if you […]
Posted on Tuesday, December 15, 2009
I received Canada Student loans that I was to begin repaying in November 1996. I have not made a payment since at least 1999, if not longer before that. Is is still out there?
Posted from: British Columbia
Posted on Friday, December 11, 2009
On you website I read the following:
`Breaking News: New Bankruptcy Laws Are Scheduled to Come into Force on September 18, 2009
`Breaking News: New Bankruptcy Laws Are Scheduled to Come into Force on September 18, 2009
Student Loans Now Discharged After 7 Years
As expected, student loans will now be automatically discharged in a bankruptcy if […]
Posted on Friday, December 11, 2009
When does the 10 years start for bankruptcies that happened in 1992, for student loans? When you signed the papers for the loan or your last day of school. Thanks
Posted from: British Columbia
Posted on Wednesday, December 9, 2009
With respect to the new laws in Bankruptcy and Student Loans- Is the seven year period from when you graduate university, or is it the date that you last recieved student Loans? In my case there is a few years difference.
Posted from: Nova Scotia
Posted on Thursday, December 3, 2009
I left Ontario for Japan over 10 years ago and didn`t repay any of my student loan. Will I now be able to return to Canada and work there or will I still owe the money? How would they know?
Posted from: Ontario
Posted on Wednesday, November 25, 2009
Hi I had a student loan in 1991 and moved abraod and didn t pay it.. What happens if I move back to Canada? Is the loan still `live` or has it been dissolved due to non payment over such a long time?
Posted from: Manitoba
Posted on Wednesday, November 18, 2009
