can I declare a student loan in a consumer proposal and wht is the best route for me
August 11th, 2008 by Questions
I have an old student loan that is haunting me for over 10 years now.. I am a single mother that is on a limited income with a full time job and starting to rebuild credit (slowly)
I am looking at clearing this old debt up by either a consumer proposal or bankruptcy. First, can I declare a student loan in a consumer proposal and if so, is that the best route for me?
Posted from: Ontario
One Response to “can I declare a student loan in a consumer proposal and wht is the best route for me”
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.)
You must be logged in to post a comment.
August 12, 2008 at 9:36 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
Firstly, student loans can be cleared by a bankruptcy or a proposal as long as more than 7 years has elapsed since you last attended school.
Second, in terms of what is the best route, you really would have to discuss things in more detail with a local trustee before much advice or direction can be given. But in my experience it all comes down to cash flow, if you can afford a proposal it is an excellent way to avoid a bankruptcy, but you need to be confident you will be able to maintain the required payment.