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student loans

Hi my name is tanya, my situation is that i have student loans since Sept.1997 and having a hard time to repay. I was wondering if bankruptcy is possible right now as of today(Oct 17/06). Or does it have to be exactly 10 years. Is the 10 year from the last day of school or is it the last payment made, which for me was quite some time ago.

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One Response to “student loans”

Barton Goth GCO Bankruptcy Trustees said...

Assuming 1998 was the last you attended school then you wouldn’t be eligible for discharge of this debt until 2008. As a result there isn’t a great deal you can do immediately other than make arrangements with their collections department to begin making payments.

Once more than 10 years has elapsed since the last day you attended school than you could consider another proposal on just the student loans, a debt management plan, consolidation loan or even a bankrutpcy.

One other alternative, although quite rare, is an application can be made to court to request that the loan be discharged with the rest of the debts in the consumer proposal, but to do this you must be able to demonstrate that you did not benefit from your education and are in a position of hardship with no hope of ever being able to pay off the loans in question.

For more information on this or any of the avenues mentioned you are best to discuss it with your trustee.