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If you are a student and are considering filing for bankruptcy, there are several things you will want to know about how student loans are dealt with.
If a student files for bankruptcy with student loans, they are not automatically discharged unless they have been out of school for 10 years. If you are a resident of Regina and you have student loans that are more than 10 years old, bankruptcy would be a good option for you.
If you are a student and your loans are not older than 10 years, luckily there are a number of bankruptcy alternatives you can look into.
First, you could try contacting student loans and attempting to work out payment arrangements that are feasible for your current income. If student loans are not willing to accommodate you, consider contacting a licensed bankruptcy trustee to negotiate on your behalf.
A consumer proposal may be another option, as it will allow you pay back your debt over an extended period of time. A consumer proposal for student loans is more likely to be successful if the loan is at least five years old, and the proposal term is five years long (this way your loan will be over 10 years old at the end of the proposal). To file a consumer proposal you must have a stable income.
If you are a student and are considering filing for bankruptcy, we suggest contacting a licensed bankruptcy trustee in your area. The trustee can review your situation and help you determine which bankruptcy alternative would be best suited to you.
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