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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 LOANS IN BANKRUPTCY

WHEN DID THE 10 YEAR RULE COME INTO EFFECT. IS THE BANKRUPTCY LAWS THE SAME IN ONTARIO AS MANITOBA. I WENT BANKRUPT IN ONTARIO BUT NOW LIVE IN MANITOBA. I WENT BANKRUPT IN DECEMBER 0F 2000, THOUGHT MY STUDENT LOAN WAS INCLUDED, AS MY TRUSTEE NEVER SAID ANYTHING ABOUT IT NOT BEING. NOW OUT OF THE BLEW AFTER ALMOST 10 YEARS BEING OUT OF SCHOOL (9 YEARS). THEY ARE WANTING ME TO PAY THE REST OF THE LOAN BACK INTEREST ALONE IS HALF OF WHAT I OWE. WILL THEY GARNISH MY WAGES AT WORK, OR WILL THEY JUST TAKE MY INCOME TAX AND GST.

PLEASE HELP WITH MY QUESTIONS?

THANK YOU

YVONNE

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One Response to “STUDENT LOANS IN BANKRUPTCY”

A licensed trustee said...

The 10 year period was introduced in 1998 – before the bankruptcy you filed in 2000. That means if you hadn’t been out of school for 10 years when you filed bankruptcy that your student loans survived.

The collection agents may simly take your tax refunds or they may decide to take you to Court in order to garnishee your wages. If they decide to take you to Court you should be served with notice of the hearing so that you may attend.

Once 10 years have elapsd since you were in school you have the right to apply to the Court yourself and ask that your student loans be retro-actively included in your bankruptcy. The process is not complicated, but you’ll want to either pay your trustee to assist you or hire a lawyer (a lawyer will be less expensive).

Good luck sorting this out.