June 28th, 2013 by Questions
i live in Canada and have american student loans. they are very large. I don’t think I can pay them without going bankrupt what can I do?
Posted from: Ontario
June 28, 2013 at 2:13 pm, A licensed trustee said:
Hmmm… a Canadian bankruptcy will only protect you while you remain in Canada and of course, your student loans will be subject to the Canadian student loan rules (you need to have been out of school for 7 years in order for a Canadian bankruptcy to deal with student loans). The US student loans will only recognize a US bankruptcy – if you ever return to the US or have income or assets in the US they will be subject to attack unless you also file a US bankruptcy. Of course to do that you will need to speak to an American bankruptcy lawyer – their system is quite different from ours…
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