student loan
i have recently been discharged from my bankruptcy. My student loans were not included in the bankruptcy. my question is with Bill C-55 being passed in late november (even though the changes will not come into effect unil June 06) which would hopefully change from 10 to seven years that you would have to wait to include a student loan in your bankruptcy. I would be out of school for seven years when the bill went through. would i be able to include my student loans in my past bankrutcy because the bill passed while i was bankrupt.
Once the 10 year exclusion exires you have the right to apply to the Court to have your student loans retro-actively discharged by the bankruptcy you have already completed. It involves a motion and a hearing – the best person to assist you will be one of the trustees you used to file. Alternatively, a lawyer may make this motion on your behalf.
The premise is simply: you are asking the Court to forgive the debt. To prove you cannot afford to repay the loan you will be required to disclose your icome for the last 3 or 4 years (ie show the Court tax returns), your current income and a statement of you current net worth. The financial institution that you borrowed from will be notified of the hearing and have the right to appear and argue that the debt should not be forgiven.
Good luck.