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Returning from abroad

I went through financial difficulties and defaulted on my student loan repayments some years ago shortly after I had moved abroad to teach English. I am planning to return to Canada next year and would like to know, if I decide to file for bankruptcy, will my years not being a resident of Canada have any effect on the 7 years out of school rule? (If not, I will have been out of school for 11 years) Also, on returning will I immediately become a resident again and hence eligible to file for bankruptcy, or is there some kind of waiting period involved? Are there any other complications that returning Canadians like me might face regarding filing for bankruptcy or consumer proposals? Thank you for your advice.

Posted from: British Columbia

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One Response to “Returning from abroad”

A licensed trustee said...

The 7 year clock starts the day after you were last regsitered as a student – the fact that you left the country has no bearing on the timeline.

Further when you return to Canada there is no waiting period to file – you may contact a trustee and get the process started as soon as you feel ready.