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Student loans, bankruptcy, and illness!

Hello,

I have racked up a considerable debt via student loans since 1996, my schooling ended in 2000 without completion, due to a pshycological disorder. Are there ever any exceptions made for a person to claim bankruptcy before the ten year term is up due to illness?

Thanks

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One Response to “Student loans, bankruptcy, and illness!”

A licensed trustee said...

You may file an assignment in bankruptcy at any time. However, your student loans will only be automatically discharged if you have been out of school for ten years or more. It is possible to apply to court to have your student loans discharged before that date, but it would be up to the court to grant that order. In most cases that is unlikely.

Since the court’s approaches differ across the country, I suggest you contact a local trustee to determine what can be done in your case. Another option may be a consumer proposal.