Student Loan and Bankruptcy
I was discharged from bankruptcy in January of 2001. I still owe 8000 on my provincial student loan and 8000 on the guaranteed portion of the federal loan. I finished university in April 1999. Both loans are in collections and I am not covering much over the interest. What exactly are the rules with having any this covered in my previous banruptcy. Would this mess up my credit any further?
It sounds as if all you need to do is provide a copy of your original bankruptcy documents, including your statement of affairs and discharge certificate, to the collection agent. On the Statement of Affairs they should have listed OSAP. As this document is done up from your records and is not dependant on them responding to the trustee you should not have any concern.
A government guaranteed student loan is only dischargeable in a bankruptcy if the student loan is more than 10 years old. Since you finished school in 1999, your loans are not yet 10 years old, so they are not discharged in your bankruptcy.You have four options:1. keep making payments on the loans;2. Wait until the loans are ten years old (in 2009), and then apply to bankruptcy court to have the loans discharged;3. File a consumer proposal in an attempt to have the student loans included in a proposal; or4. Wait until 2009 and then go bankrupt again.Full details on the treatment of student loans in bankruptcy can be found contact a licensed trustee for more information.