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[...]Canadian Bankruptcy Reform On Hold � Bankruptcy Canada Blog. ()[...]…

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By: sue

sue — Wed, 12 Sep 2007 17:03:12 +0000

I too am in the same boat. Last year I was garansheed 100% and because I couldnt pay they are now demanding full payment of the student loan. The previous debt was not mine but an ex’s that has “run away”. Because I was not divorced from him at the time of debt I had to pay and “add it to what he owes”

By: Edward

Edward — Thu, 26 Jul 2007 17:17:55 +0000

Any news at all on when/if the proposed new bankruptcy law (to reduce the period from 10 to 7 ears for student loans) is taking effect? I graduated in 2002 and am hoping to declare bankruptcy sooner rather than later.

By: Brock MacLachlan

Brock MacLachlan — Sat, 14 Jul 2007 08:31:17 +0000

After reading so many dismal accounts of what it is like to be enslaved by this particular form of enslavement, I am all the more depressed. I am 60 and just recently came out of a failed attempt at getting a useless masters degree. I ran up $55,000. 00 in student debt to add to my other debt of an additional $25,000. There really aren’t that many lucrative employment opportunities for someone of my profile. Why was I so dumb to enslave myself in such a manner? I just wanted something better for myself in the form of a career path that was different from the no-where jobs I had held in the past. It was a gamble that I lost. Now it appears that the remainder of my life will pass in grinding poverty and constant battles with low-life debt collectors. I hate to admit it but the S-word is increasingly looking like an attractive escape from this unpardonable financial prison.

Cheers

By: Rob

Rob — Fri, 18 May 2007 08:52:28 +0000

I think that this bankruptcy ordeal has ruined the life of many people!!
I’ve come across tons of people with Bachelor/Master degrees and being stuck with low wage jobs and going nowhere in repaying their loans.
I was wondering: is the 10 years waiting period really 10 years or is it more than that….some trustee mentioned to me that it’s 10 years + 6 months?

By: Leesa

Leesa — Sun, 18 Mar 2007 05:59:48 +0000

I too have a similar story. I am quite surprised of so many people in the same vote as me. I too feel like I am in a 10 year hiding. I have about 16000 owing from student loans and a BA to show for it. With no good job. I now am a single mom of a 5 year old and I have been scrimping and saving the last year to pay for a 7 month certificate that will actually get me a 20 dollar an hour job with good benefits….UNLIKE MY STUPID DEGREE…WHICH IS USELESS….you get no assistance or guidance in university. The people who give out the loans should be ensuring the students will have almost guaranteed jobs when they graduate or else it is just a waste of money. Well, not to the bank, they benefit and the students get banged up for a large debt they cannot pay back. It is very upsetting. I try not to think of my debt.

By: Nadim

Nadim — Tue, 16 Jan 2007 00:24:16 +0000

I am now just starting my ninth year of debt. I owe $35,000 on my student loan and see no end in sight. I just made an offer to my student loan officer to pay a portion of my debt with a prompt ‘sorry it doesn’t work that way”.

So let me get this straight….

Businesses and cooporation can ring up millions and file for bankruptcy. Shopaholics can ring up massive personal debt and file for bankruptcy. The government is not accountable for any errors or scandals. Yet a student is held in financial prison for 17 years. Ten years to file for bankruptcy and seven for a poor credit rating with their only crime being INSUFFICIENT FUNDS.

It’s quite funny when bankruptcy is something to look forward to. I can’t wait till next year when I can finally move on with my life; unless ofcourse I win the lottery before.

By: asif

asif — Thu, 14 Dec 2006 22:44:41 +0000

Hi everyone, I have an idea but I don’t know if it will work. We need to stop being law abiding citizens. What we need to do is apply for lots of credit cards and take the credit cards and pay off the student loans then declare bankruptcy. Ha ha ha…….. I guess the government is not that smart after all………

By: Melissa

Melissa — Thu, 23 Nov 2006 05:36:48 +0000

I thought I finally got it all figured out. I reached my 10 years out of University in June 2005… a few months later I sold my townhouse and made a little money (it was in my parent’s name, but I paid for everything). So, with the money I had, I went to a Trustee to try to settle my CSL. I owed $31,000 at that time, and I had about $20,000 total. I wanted to see if they’d take a settlement, since my initial loan was only $18,000. The Trustee said I would have to pay them $18,000, pay the Trustee $2,000 and then still file for Bankruptcy and go to court to arrange payments for at least 2 more years. He told me that the court probably wouldn’t forgive the debt even though I’d been out of school for 10 years. So much for the 10 year law! Anyway, shortly after that I got sick and only worked on and off for a year, so the money’s gone. They could’ve taken the $20,000, but looks like now they won’t be getting any unless I win the lottery! Nice system we’ve got!