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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 loan and consumer proposal

I have no student loans now.
I need to file a proposal soon.
But, I am going back to school and will be getting the loan before the proposal is made.
What are the implications?

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One Response to “student loan and consumer proposal”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

It would be important for you to obtain the student loans prior to filing a proposal. There were amendments to the Canada Student Financial Assistance Regulations and the Canada Student Loans Regulations that came into effect on Ma 11, 2004. These amendments now will allow students who have filed a proceeding under the Bankruptcy and Insolvency Act the ability to be eligible to obtain new loans for a maximum of 3 years, provided they stay in the same program of study and continue in full-time status. We were instructed at that time to expect similar amendments to the provincial student loan programs, but I am unaware which provinces chose to make similar amendments and recommend that you consult with a trustee in your local area.