Bankruptcy Services of Collins Barrow Limited - for Calgary and Edmonton, Alberta

Author:		The Bookkeeper
Date:		September 1, 2000
Question:		I live with my boyfriend in Ontario(2 years). I do not have any assets (house/car)in my name. We have a joint bank account. I have student loans of $20,000.00 and have been out of school since january, 1990. What happens if I file for bankruptcy? Any reprecussions with my boyfriend? How about the student loan? I just started a job (6 months ago) and make $28,000.00/year and have one child.


From:		Shane Brenneis, Collins Barrow Limited
Date:		September 7, 2000
Answer:		Current legislation states that if you have been out of school for 10 years your loan will be discharged in your bankruptcy. The only way your boyfriend is effected is that he needs to report his income along with yours to the Trustee during the term of the bankruptcy. Required surplus payments depend on the size of the family unit and the family income. I would suggest you obtain a free assessment of your financial concerns with a Trustee in your area by looking in the yellow pages under "Bankruptcy". Shane Brenneis phone: (403) 298-1575 sbrenneis@collinsbarrow.com