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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Student Loans: Are they discharged in a bankruptcy in Canada?

Prior to 1997, student loans were treated in the same manner as other debts; they were discharged if the debtor filed an assignment in bankrutpcy. In September 1997 the Bankruptcy & Insolvency Act was amended so that student loans were only discharged in a bankruptcy if they were more than two years old.

In 1998 the rules were changed again, increasing the time period from two years to ten years.

In November, 2003 the Senate Committee on Banking, Trade and Commerce released a report called Debtors and Creditors: Sharing the Burden: A Review of the Bankruptcy and Insolvency Act.

The Senate Committee recommended that the 10 year period be reduced to 5 years.

UPDATE: In November, 2005 new rules were passed, that have not yet come into law. For full details on the current status of student loan bankruptcy legislation, please consult the Student Loan Bankruptcy Blog.

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