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Phone: (604) 605-3335  Toll Free: (888) 850-6585

 

 

Boale, Wood and Company

Boale, Wood and Company

Licensed Insolvency Trustee

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    • David Wood
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      • Alternatives to Bankruptcy
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      • Consumer Proposal vs. Debt Management Program
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    • Vancouver Office
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    • Yukon Territory

What about student loans?

The Bankruptcy and Insolvency Act states that if the date of bankruptcy is more than 7 years after you completed your studies, the debt will be discharged with the bankruptcy.  This also applies when a debtor files a consumer proposals

If the consumer proposal or bankruptcy occurs within 7 years after the completion of studies the student loan debt is not released with the bankruptcy and you will have to continue payments after you are discharged.

The “hardship provision” now allows for you to make an application to Court after 5 years if you are still unable to pay your student loan.  It is unclear as to whether the hardship provision would apply to a debtor who filed a consumer proposal.  For more information on hardship applications, please review our paper on this topic here.

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Call Us Now

Phone: (604) 605-3335
Toll Free: (888) 850-6585
or use the Contact Form

We have offices located in Vancouver and Surrey.  We also provide services to residents and businesses in the Yukon Territory.

 

Looking for Forms?

We have a number of forms available for download here.

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