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Are you a student in Dartmouth, Nova Scotia and are wondering how a bankruptcy would affect your student loans? Here is a list of some of the things you’ll want to consider before making the decision to file.
With the reduction of Government funding for post secondary education, many students are being forced to rely on student loans to get through school. It is becoming increasingly more difficult for students to make a living following graduation due to severe student loan debt.
Student loan debt is not automatically discharged unless the student graduated at least 10 years ago.
Bankruptcy is ideal for those who have 10 year old debts, and who want a financial fresh start.
There are a good number of bankruptcy alternatives available for those whose debts are not 10 years old.
The student loan discharge period is not likely to come into debate at the House of Commons until there is a change of government. The private members bill to have the period reduced was turned down in 2005.
If you are concerned about your student loan debt, and are not automatically eligible for discharge, please contact us today. You may be able to negotiate a more reasonable payback plan with the student loan company, or you could file a consumer proposal. Our licensed bankruptcy trustees will help you make the right decision, and avoid bankruptcy at all costs.
