Consolidating canadian student loans
If you are a first time bankrupt, then you are automatically discharged in nine months, but with the new ruling, if this is your second bankruptcy, then they will usually not discharge you for 24 months.
The way a bankruptcy works is that you set up an appointment with a trustee.
It is vital that you know your rights as a bankrupt in dealing with abusive collection agencies.
The only other option might be to seek private student loan consolidation and get a consolidation loan.
Under the new Repayment Assistance Plan, those with student loan debt, can request help to manage their debt.
Depending income and other factors (such as family etc), borrowers can apply for reduced monthly payments or no monthly payments at all.
In a case like this, a consumer proposal is a better option for you.
Student debt in Canada is a serious problem for a growing number of people.If you are able to pay, but are having some difficulty, there is also the option to get a "Revision of Terms" where you protract the repayment period from 9.5 years to 15 years.Bankruptcy is still an option, however the Canadian government in 1997 introduced legislation requiring students to be out of school for at least 10 years before they can seek protection under the Bankruptcy And Insolvency Act.The laws do let you keep a great deal of your possessions, which typically varies from province to province, ranging from ,000 to over ,000.The advantages of bankruptcy are that collection agencies are forbidden by law from harassing you.