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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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bankruptsy on student loans

Can you declare licensed trustee for a Ontario/Canada student loan?

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One Response to “bankruptsy on student loans”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

The Bankruptcy and Insolvency Act sets 2 conditions under which a student loan may not be discharged by bankruptcy or a consumer proposal.

The first condition is that the bankrupt is still a student when they file.

The second is that it has been less than 10 years since the bankrupt ceased to be a full-time or part-time student.

If there is any doubt as to whether or not your student loans are dischargeable you may ask your licensed trustee to schedule a hearing and allow the Court to decide. Of course to do this you must have already filed bankruptcy and therefore you need to be prepared for whatever the Court might decide to do.