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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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forever debt

I finished school in may 1995. tried to negotiate got nowhere. did consumer proposal in 2001 which was completed oct 2006. Trustee said it was all clear now..until the ARC started calling. I have a seasonal business, single mom and family to support. went to another agency to declare bankruptcy. They said i didn`t have to, but the trustee that handled consumer proposal said i do. The gov slapped 3,000 interest on my loan for the duration of my consumer proposal and i can never get out from underneath.

Posted from: Ontario

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One Response to “forever debt”

A licensed trustee said...

You really have two options. The trustee that handled your proposal (or a lawyer) can apply to the Court on your behalf to have your student loans retro-actively included in the proposal you completed in 2006. This is not commonly done, but the law allows for it – likely the trustee that told you this couldn’t be done is unfamiliar with this aspect of the law.

Alternatively, you may file bankruptcy to deal with this debt. The impact on your credit bureau will be pretty severe since you’ve only been out of your proposal for 2 years and the “system” will treat this as a second insolvency.

The cost to do either will be about the same – it really depends on your current situation and what you need to borrow in the next 4 or 5 years as to which solution will make the most sense.