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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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Is it true not all student loans are cleared in bankruptcy?

I was told by some one that not all the student loans are cleared in bankruptcy.
Is this true?
I guess the difference was federal and provincial.

Thank you

Posted from: Ontario

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One Response to “Is it true not all student loans are cleared in bankruptcy?”

A licensed trustee said...

If you haven’t been out of school for at least 7 years when you file for bankruptcy then your student loans will not be automatically discharged.

There is no truth to the rumour that bankruptcy only deals with feeral student loans. Provincial loans are also dealt with under the law.