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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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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How will filling for bankruptcy affect my future

I am approximitly 13 000 in debt right now (student loans and credit cards) and am only making 700 a month. I am only 22 years old and i don’t want to ruin my credit even more. Would bankruptcy be a good option? I would prefer to get a consolidation loan but have no co signer. I want to stop the collection calls and get back on track. How will filling for bankruptcy affect my future since i would like to be a police officer in the next few years.

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One Response to “How will filling for bankruptcy affect my future”

Barton Goth GCO Bankruptcy Trustees said...

You may find that filing a bankruptcy may not solve all of your difficulties as it won’t clear you from the student loans.

The Section of the Bankruptcy and Insolvency Act that deals with student loans is 178(1)(g). It sets two conditions underwhich a student loan may not be discharged by bankrutpcy.

The first condition is that the bankrupt is still a student when they file.

The second is that it has been less than 10 years since the bankrupt ceased to be a full-time or part-time student.

So if you Student loans represent the vast majority of your debt a bankruptyc won’t help much however if you primary debt is from the credit card then you may want to consider contacting a local trustee.