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7 and 10 year rule – clarification

On you website I read the following:
`Breaking News: New Bankruptcy Laws Are Scheduled to Come into Force on September 18, 2009
`Breaking News: New Bankruptcy Laws Are Scheduled to Come into Force on September 18, 2009

Student Loans Now Discharged After 7 Years
As expected, student loans will now be automatically discharged in a bankruptcy if you have been out of school for more than seven years, as compared to the previous ten year rule`

at the same time you wrote in one of your answers: `By the way, as of July 7, 2008 the 10 years period for including student loans in bankruptcy was reduced to 7 years.`

So, my question is when the new 7 year rule about student loans came into force: in 2008 or 2009?

Posted from: Ontario

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One Response to “7 and 10 year rule – clarification”

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

This is a bit of a confusing issue. Essentially what happened is that there was one bill to amend the Bankruptcy and Insolvency Act and the Wage Earner Protection Act. In this Bill one of he chanbes was the reduction of the student loan rule from 10 years down to 7. The odd thing is that not all the legislative changes were enacted at the same time. So the Student Loan change and the exempting of RRSP component of the legislation were proclaimed into active legislation on July 7, 2008 and the remainder of the changes came in onf September 18, 2009.