Child needs your help

My husband and I have been offered a special needs child to adopt.......this is relevant to this forum because...

I was student and collected BC and Canada student loans from 1989-1994. I studied humanities........dumb move. Well, I have not paid or been in contact with student loans for about 7 years now......they have not made any contact either. With interst I figure I owe about 50K.

I have been home caring for my son for 6 years now. My husband has been the "bread winner", and makes about 40K. I have worked part time last year for the first time in 7 years and made 8K.

The point...........we can not afford to take this child if I will have to return to work to make loan payments.

By the way, my husband and I had declared bankruptcy in 1999 (we could not include student loans in bankruptcy). So, I can not go bankrupt again.

Also, we have nothing to "take"....we rent our home and have basically nothing.

Can we take in this little boy?

I don't know what "statute barred" means. Also, thank you for your kind words.   

Best bet is to contact Johhny atCFW Group... he can advise you on this. What ever you do, dont call HRDC as this will acknowedge the debt...

Mark

 

 Janet,

 The statutes for Federal loans are 6 years fromt he date of "subrogation". This means form the date that the government(s) issued the payment for the loan back to the lending institution per the guaranteed student loans program (if it actually applies to you).

 Now, the statutes for BC loans would be 10 years.

 There are some serious issues encompassing your predicament. Islander has the right though based on what you are describing. The timeline seems to fit the equation, however, there are some things that are working against you.

 Here is what you are up against: 

 The CSLFA and CSLA (Acts governing the Canada student Loans Program - Bill C28) stipulate the new ammendments to the old. So, there are 4 types of acknowledgment that will cause the debt to survive any statutes. Now, the new ammendment passed (Bill C28) is complicated for those who do not understand the rules.

Explanation:  

Before August 1 -2003, if a loan has been barred, it will not survive the statutes unless you re-apply for more student loans. That is the only way. IF a CSL is callsified as statute barred AFTER August 1, 2003, you have to watch your every step, basically.

 In your case from what you have described, may cause the statutes to reset because the act states that, and I quote "any acknowledgment of the money owing made by the borrower, his or her agent or other representative, or the trustee, or administrator in the course of proceedings under the Bankruptcy and Insolvency Act or any other legislation dealing with the payment of debts.

 So, if your loan is actually barred, and was barred before August 1, 2003, then this would not apply to you. If the debt has been barred AFTER August 1, 2004, then your bankruptcy will reverse the status frombarred to active under the acknowlegment descriptive described earlier (see Bill C28, Section 16.4 Item d.)

 Here is the link:

  http://www.parl.gc.ca/37/2/parlbus/chambus/house/bills/gover nment/C-28/C-28_3/90218b-2E.html#19

I will help you if need be. Contaxct me in the event you do need representation or counsel.

 Johnny

 

 

Re: Last post.

Make that "wolf at my doorstepANY minute.   

Well, if the only way to know is to sit and wait like a duck in hunting season.........my husband will never agree to the adoption.

Ulcers, you know.

 

 Best of luck, Janet.  I sincerely hope it all works out for you and your husband. If you need help, you can contact me or write.

 

Johnny