bankruptcy eligibility

I have no idea what to do and I need help. I had $35,000 student loan, I neglected to send in my interest relief form and student loans wouldn’t give me any slack, they kept hassling me and wouldn’t give me any space so I paid the whole loan out with my line of credit and credit cards. That was 14 months ago and I haven’t been able to keep up with my payments since, the only way I have been keeping a float is by paying the minimum paymets with cash advances from the same cards

I spoke to my bank yesterday and they it was uncertain what to do and maybe I would have to go bankrupt, but another representative told me that it would be impossible for me to go bankrupt because I paid off my student loan with the intention of going bankrupt and this wouldn’t be allowed. I certainly had no such intention, it was well over a year ago and I really had no idea what else to do. Can I file a bankruptcy in Canada?

Posted on Monday, January 29, 2007 | Filed under: Bankruptcy
 posted by Questions @ 10:53 am 1 Comment
1 Expert Comment:

 At February 1, 2007 | 2:30 pm , Barton Goth, GCO Inc. Bankruptcy Trustees Said...

There is nothing that can be done to prevent you from filing for abankruptcy in Canada. What your bank representative is referring to is that if they can demonstrate that if they can demonstrate intent the line of credit may survive a bankruptcy. However, intent is very difficult to demonstrate.
The best thing for you to do is to set up an appointment with a local trustee and have them review your financial history. Once this is done they will be in a much better situation to advise you as to the potential consequences.

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