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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

I have a Canada Student Loan that I obtained back in 1995 to go to college, which was 10 years ago. I graduated in 1997. I want to know the law of getting it wiped out or declaring bankuptcy with regards to the student loans because to be honest, I haven’t had a good enough job to be paying on it and now have two small kids and only working part time. So, I want to know if I am allowed to declare bankruptcy as far as my student loan goes.

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One Response to “Student Loan”

Barton Goth GCO Bankruptcy Trustees said...

Technically you can’t be cleared from this debt but it is no wasy guaranteed. The way the act reads is that an applicaiton can be made on your behalf (and to do this you would likely have to hire a lawyer) to request that the provisions of s. 178(1)(g) do not apply (i.e. you will be cleared from the debt).

In order for the court to consider this application you must have actid in good faith with respect to this student loan (i.e. acted honestly with every intention to pay back the funds) and teh debt will continue to experience financial difficulties to an extent that you will be unable to pay the liabilities under the loan.

As you can see the release of this debt is possible, but not guaranteed.