2025-09-04
Will Bankruptcy Erase All Of My Debt?
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2008-12-30
As some readers of this blog may be aware, certain changes to the Bankruptcy and Insolvency Act were brought into force on July 7th, 2008. One of those changes related to bankruptcies where Student Loans was a creditor. Prior to this change you could not be released from student loan debts unless you have been out of school more than ten years on the date you filed bankruptcy. The provision now reads that you have to have been out of school seven years on the date your receive your dischage. It is therefore possible that certain individuals who filed prior to July 7th will find that their student loans ARE released at the conclusion of their bankruptcy even though that had not been anticipated at the date of filing. I am not sure if this change was intended or not, but the wording of the act appears to be retroactive, and the above is consistent with the information published on the Superintendent of Bankruptcy's web site. A bankrupt can now also make an application to the court for relief under the hardship provisions of the Act if they have been out of school for five years. The requirements for what consitutes "hardship" do not appear to be well established, at least here in Saskatchewan, so I suggest anyone seeking to make such an application should likely consult both their trustee and legal counsel as well. Please note that proposals work differently, and you should consult one of our insolvency professionals if you wish to file a proposal and have student loan creditors. As always, call us, or post your questions here. Ian Schofield MNP Regina 306-790-7904
2025-09-04
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2025-09-02
Lifestyle Debt Debt Solutions
You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.
2025-09-02
Lifestyle Debt
Have fun on a budget with our guide to affordable activities in Atlantic Canada.