GOING BACK TO SCHOOL

February 13th, 2006 by Questions

I want to go back to school this year (Sept. 2006). I currently work full-time in Winnipeg, MB; however, the school I wish to attend is in Ontario.
I am approx. $16,000 in debt (including Student loans). Where do I start? Bankruptcy?
Consumer Proposal? If I can get another student loan, how do I repay my initial debt with little or no income while in school?

Questions

One Response to “GOING BACK TO SCHOOL”



February 14, 2006 at 2:21 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:

This really depends on what type of debt you have. First any student loans survives bankruptcy/ proposal unless you have been out of school for more than 10 years. So if your student loans represent a significant portion of your overall debt, depending on the timing, there may be no value to filing either of these options. However, this legislation is slated to change on June 30, 2006 and reduce the time from 10 years to 7 years, so you may be better off to wait until after this date to file a bankruptcy/proposal. The other thing to consider is the ability to obtain additional financing for school, the filing of a bankruptcy or proposal may hinder this. As there are many aspects to consider it would be important for you to contact a licensed trustee in your area to explore these issues further.

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