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No payments in years

Hi, question on my government student loans and bankruptcy. My last day of school was in April, 2004, so I am past the 7-year threshold to discharge with bankruptcy. I owe approx. 55 000 and earn 30 000/yr. Besides my tax returns being seized (approx. 2500/yr for 5 years now), I have not made a payment on my loans since 2006.

I’ve been told that the government can oppose the discharge since I have not made any payments, so I haven’t been acting in good faith. Is this true? If it’s true, is it likely?

To clarify, I have an Bachelor of Arts, am not working in my field, and the 30 000 is my entire household income for a family of 4 (wife and 2 small kids). I reside in New Brunswick.

Thanks,
WM, Fredericton, NB

Posted from: New Brunswick

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One Response to “No payments in years”

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

Technically this is true, but practically it doesn’t happen to often. In terms of your situation, I don’t see much of a reason to expect that CRA would object, but technically any creditor does have the ability. But to discuss it in more detail would likely help, so I would suggest you contact a local trustee and pose this same question, I think it will help you to better understand when an objection can be expected.