Changes To Bankruptcy Laws

The most recent information indicates that the changes will take effect in the summer of 2008. The expected changes to the student loans rules are that the 10 year rule will be reduced to 7 years. That would mean that if you ended your studies more than 7 years before a bankruptcy or proposal, your student loans would be forgiven. Currently, it has to be 10 years before the date of bankruptcy or proposal. The text of the proposed changes is expected to be published in the June 7, 2008Canada Gazette - if you’re interested in taking a look. Judy Scott - Vancouver - Port Moody - Abbotsford - 604-949-2100 - 1-866-568-1335