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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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Studies End in `99 – dishcarged from Bankruptcy in `04

I owe in excess of $50,000 dollars in Student Loans – to 3 different agencies (my provincial and federal loans were split amongst 3 groups).
This is after being discharged from a bankruptcy in 2004.
The minimum monthly payments, collectively are almost $1900 and far exceed my ability to pay and I barely cover interest while the loans grow bigger and bigger in amount.

One of the loans is in collections because one of the agencies came for the full amount ($8500) just after my bankruptcy and I was unable to repay the loan in FULL.

As such my ability to renew credit or to get a loan to assist with repayment has been to no avail – I was even turned down for a SECURED credit card because of these circumstances!

I am not able to borrow or involve family or anyone to assist in this matter and I just became aware of the legislation passed in July `08.

I completed my fist degree in 1997 but finished my last ‘professional’ degree in 1999.
I am very confused by the timing of all of the legislation which has changed several times over the last decade and a half.

With news of this new legislation from this past summer (July 8, 2008) I am asking if my trustee can help, if I should get a new lawyer or if I may be in some sort of position to have my situation salvaged and amended in some fashion. I am stressed, depressed and looking for answers. Thank you for providing this page and outlet of information.
Sincerely,
Mid thirties male from Toronto.

Posted from: Ontario

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One Response to “Studies End in `99 – dishcarged from Bankruptcy in `04”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Most of the changes that came into place on July 7, 2008 will have no impact on you as you filed and were discharged prior to these changes coming into place. However, there is one small change that may prove useful. A section was added to the Bankruptcy and Insolvency Act that gives the court the ability to order, after the fact, that student loans are discharged along with the previous bankruptcy if 5 years since your last attendance at school has elapsed and if you are sufferring from “hardship” (i.e. you did not benefit from your education and the student loans will cause substantial difficulty to you financially).

Contacting your trustee isn’t going to help in this situation, if you want to make this sort of an application what you need to do is hire a lawyer. They can then make an application to the court and you can see what the result is. The only cautionary note is that this is a risky process and because the legislative change is so new there is not clear case law to suggest what hardship will be defined as, so there is definitely a bit of uncertainty.