What can I do?

June 14th, 2012 by Questions

I have student loans ($90,000)-all of which are over the 7 years; however I went back to school when I lost my job back in 2009 and could not find work. My parents helped me to complete a 2 year diploma ($45,000) and my husband has not been able to find work since 2008. Together we owe approximately $350,000. I am the sole provider for my family of 3 making approximately $69,000 per year but our bills come to about $7500 per month – twice what I bring home. My debt is increasing by a minimum of $3500 per month. Because I have been in school I was told I could not declare bankruptcy. Is there no way I can declare bankruptcy due to hardship?

Posted from: British Columbia


One Response to “What can I do?”

, A licensed trustee said:

You have the right to file bankruptcy regardless if when you attended school – the issue is if you haven’t been out of school for at least 7 years then your studenbt loans will not be dischargeable. If you are actually using your education to earn your living now, they might not ever be dischargeable anyway… $69,000 sounds likea pretty good living. If you didn’t have the debt you’d be in good shape.

So, you need to decide if partial relief from yoru debt is better than no relief at all. It is probabnly worth your time to go and speak with a trustee about your options.

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