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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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bankruptcy and student loans

will a bankruptcy cover student loans?

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2 Responses to “bankruptcy and student loans”

A licensed trustee said...

Under the current rules you cannot apply to have your student loans discharged until they are ten years old. Since your student loans are only 7 years old, you will have to wait three more years before applying to court, unless Bill C-55 is proclaimed into law sooner. Watch this website for details on Bill C-55, or talk to your trustee for further details.

A licensed trustee said...

Sorry for the delay – somehow we missed your question.

Student loans will be discharged (eliminated) in a bankruptcy if you have been out of school for at least 10 years. The clock starts ticking on the 10 years the day after you were last registered as a student.