Confused
I was forced to leave university in my 3rd year due to illness and haven`t been able to return yet.
I have approx. $33,000 in student loans and climbing, my CIBC is $15,000 and I now have 18,000 in provincial SLs .
I am unable to work and receive a disability of $440 monthly, and also recieve social assistance of $278. Both amounts equals $718.
I live with my parents who take care of me. I do not own anything of value. My monthly expenses leave me with $28 in case of emergency. You never know when you might just need an extra $7 in a week.
The date of my last classes was 2000. What do I do, where do I go from here with regards to collectors, consumer proposals, or what to do?
I`m totally stumped and am unsure which way to turn in my situation. I see many people unable to pay their debt due to bad times, but my bad times is called Pain which keeps me in bed for months at a time.
Any advice would be very appreciated.
Thank you.
I don’t blame you for being confused – next week I will be appearing before the Seante to discuss this very topic.
The current state of the law requires you to have been out of school for a minimum of 10 years before bankruptcy law will deal with your student loans. Sometime this year that period will be shortened to 7 years (5 on application to the Court). So if you sit tight for a few months you should be able to do something about your student loans…
You might want to call a trustee in your area now and ask them to explain the concept of “creditor proof” to you. After hearing about this you may decide not to file at all…
Good luck sorting things out.