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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

I am planning to file for bankruptcy next month. I have a substantial amount of debt including some student loans that are 4 1/2 years old (school finish date).
1) If I file for bankruptcy before the 7 years are finished, can I apply to court in May (5 years) and ask for help?
2) If the court does not help me, do I have to wait for 2 more years and file for bankruptcy again? or do the student loans get retroactively added to my bankruptcy when the 7 years are finished?
Thank you for your help.

Posted from: Ontario

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One Response to “Student loans”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

You are correct on both accounts. Firstly you can contact a lawyer and have them make an application to court under the hardship criteria that just got implemented. The only difficulty with this is whether or not you are in a state of hardship and that is a question you are best to discuss with the lawyer. If the court is not able to help then if you wait for 2 years and file a bankruptcy or proposal, then your student debt will be cleared.