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5yr hardship rule

If a student loan can be included in bankruptcy after the 7yr time has elapsed, can it be included if you qualify for bankruptcy under the 5yr hardship rule or does 7yrs absolutely must have gone by? Thanks

Posted from: New Brunswick

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One Response to “5yr hardship rule”

A licensed trustee said...

Th 5 yr hardship rule is something that you must apply to the Court for after you have filed for bankruptcy. The law is too new at this point for me to desribe the criteria that will be used, but I think you’ll have to demonstrate that the education you obtained with the student loans has not improved your financial position at all and that you cannot reasonably be expected to repay the debt.
It is by no means a “sure thing” – the Court may allow the loans to be discharged after 5 yrs, or it may not – it will be up to the person that hears the case to decide.