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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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 Loans

I have been out of school/university for 4 years this August 2009. I have been working in odd jobs that have nothing to do with my degree and have been tight for cash ever since. I haven`t been able to go and finish my degree because the costs are too great for my situation and I have credit card debts that exceed 30000. I have been laid off and was thinking of going to school for second career (It would allow me to gain a diploma instead of my highschool diploma skillsets currently). For me to undetake this task I would also file for personal bankruptcy. My question is … 1. would I be able to include my student loans since they would be just over 4 years but not the required 5 with hardship being my reason. Also, if not and i enroll in school/college under second career and then file for bankruptcy just after the 5 year period out of being in university. Woudl I be able to include my student loans?

Posted from: Ontario

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One Response to “Student Loans”

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

First of all you would not be cleared from any of these student loans if a bankruptcy were filed and the loans were less than the 5 years old.

Second, even if they were 5 years old it is not a guarnagee that they would be cleared. You can make an application under the hardship section of the act, but it is not a guarantee that the court would rule the in your favor.

Third, If you return to school and take any type of class this re-starts the clock. The rule stipulates that you must have been out of school for 7 years or more (5 years with hardship) for the loans to be cleared by the filing of a bankruptcy or a consumer proposal. So by returning to school you are re-setting the clock.