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adding student debt while in bankruptcy

I graduated University in April 2002 and am thinking of declaring bankruptcy in Sept or oct. 2008; beacuse i read somewhere while researching bankruptcy and student loans that i could include them if they reached 7 years old while was in bankruptcy.
Is this true or should i wait unit i have reached the 7 year point next year.

Posted from: Alberta
Is this true or should i wait unit i have reached the 7 year point next year.

Posted from: Alberta

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One Response to “adding student debt while in bankruptcy”

A licensed trustee said...

A couple of things:

1) On July 7 the exclusion period for including student loans in a bankruptcy or proposal was reduced from 10 to 7 years – the actual rules and regulations will not be published until July 23 so no one can give you precise answers yet about how they will be used; and

2) The exclusion period begins on the last day you were regsitered as a student – not when you received the loan.

For example, if you received a student loan in Sep of 2001 and graduated in April of 2002 (and haven’t attended school since) then the 7 year exclusion period ends May 1 2009.

Watch for more infomration as it becomes available.