Personal Bankruptcy Forum


Author:   Anonymous
Date:   December 9, 2001
Question:  

From what I have read a student loan cannot be part of a bankruptcy for 10 years. It's only been 8 years and 7 months for me. I'm now married and worried about what they can do to me and my husband.

I do not work (2 small children) and everything (house, car, credit cards, etc) are in my husbands name. The government has just decided to come after me after all this time. What are my options? Can they touch any property that is in my husband's name, or his wages? Can I just put them off for another 1 year and 5 months until my ten years are up? There is just no way we could afford to pay this student loan so bankruptcy seems to be my only option. Suggestions? How much would filing bankruptcy cost?

 


From:		  

Ann Clarke, Collins Barrow Limited
Date:   December 11, 2001
Answer:  
Creditors cannot come after your husband and his assets or wages for a debt only you owe. If you can wait until 10 years has passed since you consolidated your student loans (usually 6 months after you finished school) then bankruptcy may be the way to deal with the debt. The cost to file for bankruptcy depends on a number of factors and would be discussed with you at the initial consultation.

You may also want to contact Credit Counselling Services of Alberta (265-2201)in Calgary aout the Orderly Payment of Debt (O.P.D.) program, which can be used to settle student loan debt.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca




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