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Sean |
| Date: |
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December 3, 2002 |
| Question: |
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I declared bankruptcy two years ago and have been discharged from all my debt but a student loan of about $5,500. The student loan is ten years old Sept 2002. I have received a letter from the BC government about repaying the loan and future garnishment of any tax returns. Is there a statute of limitations on the loan even if it wasn't discharged in the bankruptcy?
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From: |
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Shane Brenneis, Collins Barrow Limited |
| Date: |
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December 5, 2002 |
| Answer: |
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Once you have been out of school for ten years, you can make an application to bankruptcy court to have the debt discharged. The court will consider:
- whether the bankrupt has acted in good faith regarding the student loan liabilities and
- whether the bankrupt will continue to experience financial difficulties to an extent that he or she will be unable to pay liabilities under the loan
A trustee in bankruptcy can not represent you at this hearing so you may wish to talk to a lawyer.
Shane Brenneis, CA • CIRP
phone: (403) 296-2975
sbrenneis@moneyhelp.ca
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