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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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Dan

I have outstanding student loans from when I lived in Nova Scotia (last year in study was 2000) I have been living in Ontario for the last six years rebuilding my life after some unfortunate falls (divorce etc). In the last two years my income tax returns have been with-held because of my outstanding CSL, but no other contact has been made with me since 2001. I am remarried and my wife and I are considering buying the home we are living in, I am unsure of how to proceed. would the student loan hamper us from getting a mortgage (her credit rating is fine) Id rather not declare bankruptcy but at this point Im at a loss with how to proceed, Ive spent the last four years rebuilding myself and my life and now Im worried that this could ruin it all and set me straight back to poverty again. How should I proceed?

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One Response to “Dan”

A licensed trustee said...

I think you should start by obtaining a copy of your credit bureau to see just what is being reported about your student loans. In addition, you should request a statement of account for each of your remaining loans.

If the debts have been reported to your bureau then you may not qualify for new credit – at least not by yourself.

If these are your only debts then bankruptcy may not be the correct solution either (as you haven’t been out of school long enough, ie at least 10 years).

Once you have your credit report and your loan statements use the links to find a trustee in your area and go and have a chat with them about your situation and options.