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Bankruptcy with two set of student loans

I`ve recently claimed bankruptcy and have two set of student loans, one for when I went to school in the late nineties and finished school in 2001 and the other when I returned to school in 2004 for a one year program. How will the government treat my loans? Will my first set of loans qualify for the 7 year rule or will my return to school in 2004 cause the 7 year rule to not apply?

Posted from: Ontario

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One Response to “Bankruptcy with two set of student loans”

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

Both loans will survive a bankruptcy. The seven year rule that deals with student loans stipulates that none of your loans are to be forgiven unless you have been out of school for at least seven years. By returning to school you reset this clock.

Now during bankruptcy your student loans will likely leave you alone as you technically are not responsible to make any payments on them until you are discharged from bankruptcy. However, they will continue to accrue interest, so I always suggest that if possible you continue to make payments on these loans even during bankruptcy.