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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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Loans

I have student line of credit in the amount of $100,000 from Canadian financial institution and private student loans from US banks in the amount of $80,000. If I file for bankruptcy will these be discharged? Thanks in advance.

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One Response to “Loans”

Barton Goth GCO Bankruptcy Trustees said...

Let us deal with the US debt first. A Canadian Bankruptcy cannot clear you from your US debt. However, as long as you stay in Canada, if you file for bankruptcy they will be prevented from collecting on that debt as they are subject to the Canadian laws, but if you go across the border you will no longer be protected and they will bea ble to collect these funds regardless of the bankruptcy.

The second part of your quesiton dealing with the student line of credit. The answer is going to depend on whether or not it was taken out under student finance legislation. Typically a student line of credit is not, as it is simply a line of credit that is advertised to students. If this is the case then it can be cleared by filing a bankruptcy in Canada. However if it is done under the student finance legislation it cannot (ulness you have been out of school for more than 10 years).