If i file for bankruptcy, regardless of having student loans that will not be 10 years old until dec of 2007, is there any way to get those erased when the 10 years expiteres other then going through bankruptcy again?
Student Loans
Posted on Wednesday, February 28, 2007
posted by Questions @ 10:29 am
1 Expert Comment:
At March 9, 2007 |
10:41 am
, Barton Goth, GCO, Bankruptcy Trustees Said...
No there isn’t. The Section of the Bankruptcy and Insolvency Act that deals with student loans is 178(1)(g). It sets two conditions under which a student loan may not be discharged by bankruptcy or a consumer proposal.
The first condition is that the bankrupt is still a student when they file.
The second is that it has been less than 10 years since the bankrupt ceased to be a full-time or part-time student.
Unfortunately these are the only situations that the Bankruptcy Act permits student loans to be cleared.
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