FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Student Loan dilema

Hello,

My common law husband is filing for bankruptcy due to a large amount of debt. His income is the only income we have as I stay home with our children. Our monthly income is below the allowable banruptcy limit and we have no surplus. Currently we barely have enough income to cover rent, food and bills each month and literally have less than $50 left at the end of the month. I have a student loan I have been paying on for years with an insane interest amount because it is now in collections (has been for years). I pay $250/mo and most of that is interest. It has taken me 7 years to get it from $12,000 to the current amount owing of $6100. I can not afford these payments anymore. Would it make sense for us to just declare joint bankruptcy? The loan is all the debt I have and my credit is already horrible. I just don`t see myself ever getting rid of this loan another way. please advise.

Posted from: Alberta

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One Response to “Student Loan dilema”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

From the sounds of it you may not have any other choice. If there isn’t going to be sufficient income to cover the cost of bankruptcy and your student loan payment, then your options are as follows: default on your student loan payments, increase your household income, or do a joint bankruptcy.

The joint bankruptcy is probably the most realistic and you will find if you are able to file jointly with your husband there won’t be any additional cost to you.