Student Loans and bankruptcy
Question: My, and my partner's, student loans are in collections with Revenue Canada and Collections BC. Would these be eliminated if I were to declare bankruptcy?We have no real assets, no expensive furniture, and no newer appliances or electronics. We can barely make payments and are not even keeping up with the interest on the loans. I am on EI due to medical reasons.
Answer: A student loan is discharged in bankruptcy if more than seven years have elapsed between the time you ceased to be a student and you go bankrupt. If your student loans are less than seven years old, they are not automatically discharged in a bankruptcy.
Labels: bankruptcy
posted by Questions @ 11:45 AM
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