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already went bankrupt but still have outstanding student loan with interest growing

Hi!

This question is about my fiance. He has gone bankrupt and was discharged in 2000. He still has the oustanding provincial and federal student loan to pay with growing interest. They recently took his 2004 & 2005 incometax return from him. He has written the federal government collection agencys not once but twice with a reasonable pay back proposal. No responce, instead they took his incomtax. What position is he in to be dismissed from his student debt and/or if not is there a financial institution that can help?

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One Response to “already went bankrupt but still have outstanding student loan with interest growing”

A licensed trustee said...

If he has been out of school for over 10 years then he may apply to the Court to have his student loans retro-actively included in the bankruptcy he has already completed. An experienced insolvency lawyer should be able to help him do this.

Making the motion doesn’t mean that it will be granted, but at the very least, a Court can set the terms of repayment for whatever balance may remain outstanding.

If he hasn’t been out of school for 10 years then his best bet to negotiate a payment plan may be to contact a non-profit credit counsellor. In Ontario, where I live, he could contact the Ontario Association of Credit Counselors to find them one nearest to him – each of the other provinces should have a similar association.