Hello, thanks in advance for your help. Right now I am considering the filing of a bankruptcy largely as a result of years of harassment from my student loans. I have loans from 1995/1997 which are currently in default. In 2001 I went back to school for a year (my last date of school/graduation was August 2002). The original loans remaining are over $27k, but I also have an Mastercard of about $15k, and a few other small debts. I really have 2 questions about all of this.
1. I have a leased vehicle, thanks to the help of a co-signer. If I file a bankruptcy will I have to return the car and will it affect the co-signer if I do?
2. With the new bankruptcy rules would my student loans be cleared. From reading up on things it sounds like they are, am I correct?
Questions about filing an Edmonton bankruptcy
posted by Questions @
1 Expert Comment:
At April 4, 2009 |
7:01 am
, Barton Goth, Trustee in Bankruptcy Said...
In most instances people are able to retain their leased vehicle and as long as you do there would be no impact on your co-signer. Just so you are aware, this is not up to the trustee, but up to the leasing company, but typically if you are up to date on your payments they usually let people keep the vehicle and make payments as originally contracted.
In terms of your student loans, as long as you haven’t attended school in the 7 years prior to filing for bankruptcy then you have no problems. From the sounds of it that means you shouldn’t file until after August 31, 2009.
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