declairing twice
Is a student loan bankruptcy the same as a regular bankruptcy?
Not being able to meet the cost of living and keeping up with my student debt, I have put myself in debt with credit companies. I thought this was the answer, but now I`ve been using credit from one card to pay of credit from another card and also to pay off student loans. This is a juggling act I can no longer keep up with, I am in over my head. What can I do? Is declaring bankruptcy twice an option? First on my credit debts and when I reach my 7 years, then on my student loans?
Posted from: Quebec
There’s no need to declare twice – once you have been out fo school for seven years you may apply to the Court to have your student debt retro-actively included in your first bankruptcy.
A word of warning – the Court will assess whether of not youi should have to repay any portion of your student loans based on your income and situation at the time of the your application (ie after your discharge). If your income has increased you may still be required to repay the debt…