Went back to school

October 30th, 2007 by Questions

I am 23 years old and owe 18,000 in credit card debt and have a line of credit for 10,000 dollars.

I decided to go to university since I have no formal education and thus I have no income anymore either.

I`m not capable of borrowing enough student loans in order to go to school and pay the interest at the same time. my only asset is 8000$ in RRSP which will soon be gone since I`m in school.

If I want to get an education is bankruptcy in my best interest? I have a leased truck, don`t own a house or any valuables other than appliances.

Questions

One Response to “Went back to school”



, A licensed trustee said:

Sorry, but we can’t advise you to file bankruptcy so that you can afford to go to school – that’s a decision you’ll have to make for yourself.

I can tell you that if you decide to file bankurptcy and for whatever reason you end up in Court (instead of receiving an Automatic Discharge) at the end of your procedure, the Court may ask you some very pointed questions about why you quick working to go to school when you had a lot of debt. The Court may very well decide that you should have delayed your education a couple of years to pay down the debt…

If you decide to file, I strongly suggest you complete the procedure properly to avoid ending up in Court…

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)