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Recently the government made changes in the Bankruptcy and Insolvency Act that reduces the waiting period for the discharge of student loan debt from 10 year to 7 years.
For many people who have been burdened with crushing student loans this is very welcome news. No one accepts students loans thinking that they will still be struggling to pay then off many years later but it is a fact that many people are faced with exactly this problem. Life can throw curves and for many people their higher education simply did not pay off as hoped. This can result in overwhelming debt that can lead to wage garnishments, collection actions and deepening stress levels.
Finally for some people who have been waiting for their loans to become dischargable in personal bankruptcy, the wait has been shortened dramatically. In some cases loans only 5 years old can qualify to be discharged with the approval of the court.
If you have student loan debt that you can’t get on top of you owe it to yourself to find out what your options are.
Call 310-PLAN or email us and make an appointment to see me at our Brampton or Mississauga offices, It costs nothing to find out your options.
posted by Howard @ 5:57 PM
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