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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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filing bankruptcy on my student loans

I had gone into arrears with my student loans in the past. I was suid and now pay payments to a credit on behalf of student loans and the royal bank who have taken over a portion of the loans departments. I have made my payments over the last 4 years. I have not taken a loan since 1998.

I have not been able to pay down the loan due to every penny eing put towards the interest portion. I cannot get a loan to consolidate my debts due to the fact that my loans are being collected by creditors on behalf of the student loan lenders. I filed bnakruptcy in 2000. Since than I have made all of my payments and have lived month to month.

I have tried to consolidate my student loans but have been turned down by the banks and personal lenders. I have paid for years and my loan has increased by over $1500.00 I want to know the laws around filinf bankruptcy on my student loans. I have no ability to get ahead unless I can consolidate my 25, 500 studentloans and my 5,000 personal payments. Please e-mail me any information you have on options for my situation and information pertaining to debt bankruptcy for student loan payments. Is the 10 year term on loans unpaid or on student loans that were last used 10 years ago? Much Appreciated.

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One Response to “filing bankruptcy on my student loans”

A licensed trustee said...

Student loans are not dischargeable by bankruptcy unless you have been out of school for at least 10 years. To determine when you will be eligible to have your student loans included in a bankruptcy you should contact the last post-secondary school that you attended and ask them when you were de-reigistered as a student. The next day is the start of the 10 year count-down.

As you have already filed bankruptcy, you have the right once your student loans meet the 10 year old requirement to apply to the Court to have your student loans discharged. We suggest you contact either the trustee that handled your bankruptcy or a lawyer familiar with bankruptcy law.