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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 forgiveness or relief

I have a question. I went bankrupt in September of 2004 and was discharged on November of 2005. I have a Ontario Student loan that they want me to pay. I am still in a non financial position to pay this at all I could not even afford 50 a month at this time. The federal student loan was wiped out but not this one. Is there some kind of hardship policy or procedure for this Ontario loan? And where can i find out about it. This ontario loan is from 1996. My financial obligations at this time make it impossible to pay.

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One Response to “Student Loan forgiveness or relief”

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

I the Bankruptcy and Insolvency Act there is a section that deals with hardship type scenarios. Essentially it reads that the court can order a student loan be cleared after ones bankruptcy provided the bankrupt has:

1. Acted in good faith with the bankrupt’s liabilities under the loan; and
2. The bankrupt has and will continue to experience financial difficulty to such an extent that the bankrupt will be unable to pay the liabilities under the loan.

For more information concerning this I suggest you contact your original trustee.