You owe cash — figuratively speaking and bankruptcy

You owe cash — figuratively speaking and bankruptcy

Payment support programs

You may be able to apply for repayment assistance if you are considering bankruptcy because of student loan debt.

The government’s that is federal Assistance Arrange assists borrowers handle student loan debt if you are paying right straight back whatever they can fairly manage. When you have a provincial or government that is territorial loan, speak to your provincial/territorial student economic support office to discover more on their payment assistance programs.

Just just How bankruptcy impacts your education loan debts

The seven-year rule

About Licensed Insolvency Trustees

  • What exactly is an insolvency that is licensed?
  • Find an authorized Insolvency Trustee to have advice that is financial
  • Discussing your alternatives having a Licensed Insolvency Trustee

A release from bankruptcy releases you against your responsibility to settle your student education loans in the event that you filed for bankruptcy at the least seven years following the date you ceased to be a component or full-time pupil. (Note: The federal or provincial education loan legislation applicable to your loan governs the method that you determine the date by that you simply ceased become the full or part-time pupil.)

You ceased to be a full or part-time student, your student loan debts will be eligible for discharge, together with your other debts if you declare bankruptcy seven or more years after the date on which. ( The seven-year rule relates to both new filings for bankruptcy in addition to to bankruptcies that have been perhaps maybe not yet discharged at the time of July american loan company 7, 2008 .)

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