2025-10-21
How we helped a client decide between a consumer proposal and bankruptcy
A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.
Student Loans Obtained During A Bankruptcy Or Proposal
2010-02-14
Some student loans do go away in a bankruptcy or proposal. If the bankruptcy or proposal starts more than 7 years after you ceased to be a student, the student loans are extinguished when you finish your bankruptcy or proposal. If Student Loans agrees, student loandebt that wouldn't normally go away can be forgiven in a proposal. However, any amounts you borrow after a bankruptcy or proposal starts have to be repaid. A bankruptcy or proposal only deals with debts that existed at the date you started the bankruptcy or proposal. They will not affect your obligation to repay amounts you borrow after the bankruptcy or proposal started. This applies to any type of debt you obtain after the start of the bankruptcy or proposal. If your question was about being able to get student loans during a bankruptcy or proposal, yes, this is possible, but it's important that you discuss it with your trustee and student loans before any funds are advanced. Judy Scott - Trustee Meyers Norris Penny Limited Port Moody - Burnaby, BC 604-949-2118 [email protected]
Latest Blog Posts
2025-10-20
Seniors and Debt
Alternatives to Bankruptcy Bankruptcy Consumer Proposal Lifestyle Debt MNP Consumer Debt Index
Just when seniors should be relaxing and enjoying the fruits of their labour, many find themselves struggling financially — an unsettling contrast to the ease they’d hoped to live their golden years.
2025-10-17
How buyer’s remorse laws can help you stay out of debt
This is called buyer’s remorse. In some cases, Canadian law provides protections that can help you reverse these costly decisions and avoid sinking further into debt.
