bankruptcy again?

December 1st, 2008 by Questions

I have ended a bankruptcy about 2 years ago. I still have outstanding student loans that were not extinguished as a result of my bankruptcy. I have now been out of school for seven years. What are the conditions of applying for a second bankruptcy to extinguish my remaining debt which is over 35 000$?

Posted from: Quebec


One Response to “bankruptcy again?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

There really are no conditions to apply, as long as you owe greater than $1000 and live in Canada you would qualify. The big things you need to know about are the changes when you file a second bankruptcy. First you will not be eligible for an automatic discharge, so you will have to go to court when the trustee is requesting a discharge. Second you will have an R9 listed on your credit history for 14 years from the date you are discharged.

As a result of these we often suggest that when meeting with a local trustee you may want to discuss the filing of a consumer proposal as it will allow you to deal with your debt but avoid some of the negative components of a second bankruptcy.

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