FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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How can we help you?

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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I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

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What is Hardship?

Do the courts (or trustees) figure out by way of formula whether or not one can “afford” to pay off a student loan? (Based on a percentage of income, for example?). (I owe 40k and make approximately 55k per year (with a child to support)for example – would I qualify to become bankrupt? Thanks.

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One Response to “What is Hardship?”

Anonymous said...

55k is not a hardship case – half of that maybe. As well, unless Bill C-55 passes, hardship or no harship, you’re on the hook for 10 years (and then you can appeal for bankruptcy on it based on hardship). If Bill C-55 passes you can appeal at 5 years but, again, 55k is not hardship.