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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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Student Loans Defaulted

My wife incurred quite a large amount of student loans about 13 years ago, before we were married. Recently after attending school the loans went into default, and have been in collections ever since (approximately 12 years now).

We are making the minimum payments on her loans, yet still receiving annoying and threatening phone calls from the collection agency. Since this is her only debt aside from a $300.00 credit card debt, and she has no income (we are a single income family with my income alone). Is bankruptcy a viable solution to resolve these old student loans? Are there perhaps other alternative solutions?

Any information you could provide would be greatly appreciated. Many thanks in advance.

J ~ Ontario

Posted from: Ontario

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One Response to “Student Loans Defaulted”

A licensed trustee said...

If your wife has been out of school for more than 7 years (and it sounds like she has) then bankruptcy can deal with her debts. Since yuo didn’t mention how large the student loans are it is difficult to suggest specific options. You should contact a credit counseling agency or a trustee in your area to review her options and then you’ll be able to decide what course to set.