April 25th, 2008 by Questions
I am waiting for the new bankruptcy laws to come into force because of the 5 years rule for government student loans in the new law. In the meantime one of the student line of credit provider sent me a formal demand letter requesting complete payment of outstanding balance (100,000) or face legal and/or collection action. I was hoping to wait until the new law comes into force so I can also include my government loans as well. What will happen if the bank goes to court for the money I owe? Should I file bankruptcy before they go to court? Or just wait until the new law comes into force? For your information, I live in Ontario, I am not employed, do not own a vehicle or a house and have no assets. Hope you can help.