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You and your spouse both have student loan debt and can’t afford to pay it off.
Does this sound like you?
Paul Channing and his wife both graduated from University with substantial student loan debt. Paul is the sole income earner for the family as his wife stays home to look after their four children. With Paul’s current income, he and his wife are unable to make the payments on their student loans. What can they do?
What can you do?
If you are in a similar situation you have several options. First, you can try cutting some of your expenses to free up some extra cash each month. If this seems impossible, you could file a consumer proposal. If worse comes to worse, you may have to declare bankruptcy. Bankruptcy will relieve you of most if not all of your debts, but your ability to obtain credit in the future will be affected. There are specific rules when it comes to bankruptcy and student loans so it is highly recommended that you seek professional help before proceeding. A licensed bankruptcy trustee can help you determine the best option, and can assist you throughout the entire process. Click here for more information.
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