This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities have been forced to cancel programs and layoff hundreds if not thousands of full-time and contract instructors.

Again, the Liberal government has messed up the education environment.


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Forum LockedCan I apply for Bankruptcy?

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andrewking View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote andrewking Quote  Post ReplyReply Direct Link To This Post Topic: Can I apply for Bankruptcy?
    Posted: 06/January/2005 at 5:06pm

Can I file Bankruptcy when I currently have a job and make about 30,000 a year? Will that affect my job in any way, or make me not eligible for filing bankruptcy? I have over $55,000 (plus interest accumulating since 2000) in Student Loans and over $30,000 in consumer debt... Thanks.

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Islander View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Islander Quote  Post ReplyReply Direct Link To This Post Posted: 06/January/2005 at 7:07pm
Trustees will be lined up to take your money, screw you financially for the rest of your productive life and move on to the next one.
What? Me, worry?
Alfred E Newman
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kwelmm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 06/January/2005 at 7:47pm
You can try, but I don't believe that will solve your problems.  If you could erase the consumer debt, would you be able to control your finances?  Develop healthy financial relationships??  I guess what I am trying to say is what good is bankruptcy without change in financial habits??  I'm no expert in financial wellness...although, I do know that to be sucessful in recovering from any "situation" (whatever it may be) one needs to develop new ways of coping, manageing, living, thinking, etc. and this more often than not requires some level of change!  You know you best.....bandaid approach?? Or something that brings you back into control???  It's up to you!
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 07/January/2005 at 2:45am

 

 Amen and Amen.

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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momof2 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote momof2 Quote  Post ReplyReply Direct Link To This Post Posted: 07/January/2005 at 3:57am

if you are working why not approach your bank about consolidating your consumer debts to one payment - and get rid off all your credit cards.  bankruptcy will screw you and screw you and screw you some more.  try finding a better solution.

try this.  keep track of absolutely everything you spend for two weeks, and i mean every coffee, every newspaper, everything.  examine your spending habits and see where you can make changes.  stop using plastic - pay only cash or walk away. dont even use your bank card.

talk to someone at the bank about finding an alternative.  bankruptcy will affect you for years, do you really want to suffer no credit for that long ?

professionals built the titanic but amateurs built the ark...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hunter Quote  Post ReplyReply Direct Link To This Post Posted: 07/January/2005 at 5:27am
andrewking

I filed for bk in 2002, I had $ 55000 worth of debt.
$ 30,000 of it was student loans that were not discharged due to not being ten years after leaving school.
I guess if you are not able to pay the monthly payments, you can try having the debt consolidated and make one payment until it is paid.

But if you are not able to do this, due to your credit rating, then you may have no choice but to file.

I find tho that most trustees just want you to file bk, and pay them $ 1500. what it cost me, and then they are not the most willing to help you after you have paid them. I was told by my trustee that I would have mandatory debt counselling, but all I had to do was show up and sign a paper.
That was of no help to me.

I would possibly talk to Johnny, he is the resident expert.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote hunter Quote  Post ReplyReply Direct Link To This Post Posted: 07/January/2005 at 5:30am
Just to add, the only reason that I filed bk was to stop the harassment from the creditors, that is the only reason that I filed.

I wanted to pay the debts, but due to unemployment, was not able to make any attempt to pay them.

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kwelmm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 07/January/2005 at 10:50am
Thought you would like that post, Johnny
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Ferren View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ferren Quote  Post ReplyReply Direct Link To This Post Posted: 08/January/2005 at 6:39pm
Sometimes consolidating can help however unless the spending habits change a lot of people end up trying to consolidate the consolidation. With 30K in consumer debt and 55K in student debt, most lenders would require some pretty heavy security. However security doesn't make a bad loan good and unless there were some evidence that a consolidation would be in both you and the lender's interests, ie: that it were to serve a useful purpose, I think it would be unlikely.
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