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trevor braam
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Joined: 05/September/2007
Location: Canada
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Topic: upcoming supreme court hearing Posted: 05/September/2007 at 8:59am |
In the very near future I will be taken to court by a law firm representing the Gov'n of Canada for ~ $40,000 in Federal student loans.
1) How would a ruling effect the interest on the loans?
2) I also owe another $40,000 in Ontario student loans, can the court also deal with that to some degree?
3) How would a ruling affect the my ability to claim banckrupcy.
I beleive I can prove financial hardship. I am a single father of two girls and my monthly expenses usually exceed my income. I am about 2 years away from this magical 10 year limit. I also find it somewhat ironic that the law firm now decides to persue me.
Can someone please direct me towards recent decisions handed down in Ontario.
thanks,
Trevor.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 05/September/2007 at 11:59am |
1) The reason you are being persued is because there is a limitation issue 2) The interest will reduce to the standard rate once a judgment is anchored (likely 5%) 3) Bankruptcy is a big risk for anyone with a student loan. The government of Canada will opose the dicharge. Especially now that they have commenced an action to enforce.
If you need some help, let me know.
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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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trevor braam
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Joined: 05/September/2007
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Posted: 06/September/2007 at 12:54am |
Johnny,
thanks for your input.
Yeh I'm sure I could some help. However, I am just barely getting by right now. I will be representing myself in court. I cannot afford a lawyer. The unfortunate part is that if I use legal aid they will put a lean on my house which will eventually cause me to loose the house when I go to re-mortgage. I have ~$30,000 in equity but could not afford an increased payment. I currerently make student loan payments of ~$150/month.
Any type of ruling that includes any sizable payment increase would also cause me to loose my house because I could not afford it. I own a small house and my monthly expenses are no more then a three bedroom apt.
In other words I dammed if I do and I'm dammed if I don't. I fully expect these student loans to eventually ruin my life. I regret ever having gone to post-secondary education. The constant stess is unforgiving.
I would happier sitting on my ass collecting welfare. I work very hard right now, for what?
My student loans equate to another mortgage. If I could have consolidated the four loans I have (2 fedaral and 2 provincial) it might have been possible. I appied but never recieved loan forgiveness or any interest relief. Also never received any grants.
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SolveStudentDebt
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Joined: 05/November/2003
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Posted: 06/September/2007 at 2:26am |
Well, for one, I am not a lawyer, and two - this is something you can fix on your own. You just have to know who to approach and how to approach them.
Best of luck and if you do need help, you know where to find me. '
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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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trevor braam
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Posted: 06/September/2007 at 4:07am |
Johnny,
I need your help. I don't know where to turn to get the utimate answers to my questions. Lawyers will stop at nothing, especially when repesenting the government. Its a win-win for them.
My eldest duaghter is in her last year of high-school and I will do what ever possible to avoid having her go through the same student loan nightmares to get a college/unversity education. How can I help her when I am in relative finacial dire myself. I make ~ $40,000 a year.
I went to school to better my life and utimately the lives of my kids. I feel it could potentially back-fire. I am teaching them to be productive members of society, not a drain.
I wish to avoid court if possible, but maybe its a neccassary evil.
Trevor.
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trevor braam
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Posted: 06/September/2007 at 7:28am |
Johnny,
Just received a leter my the lawyer for the plantiff (Attourney Genral of Canada). Pre-trial conference is in a couple weeks. Is it too late?
I could really use some direction.
Trevor.
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SolveStudentDebt
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Posted: 07/September/2007 at 2:28am |
You have to contact CRA Legal Services or Justice CLAS and work things out with them. If you need help, let me know.
Johnny
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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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trevor braam
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Posted: 07/September/2007 at 3:04am |
Johnny,
I am slightly encouraged by your comments, but i'm not getting anywhere.
I don't know what the CRA or CLAS are.
Trevor.
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Staretz
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Joined: 20/November/2004
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Posted: 09/September/2007 at 12:17am |
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CRA is Canada Revenue Agency (Revenue Canada). CLAS is probably Legal Aid Services
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awker
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Joined: 15/August/2007
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Posted: 10/September/2007 at 1:48am |
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Canada Revenue Agency (CRA) & Community Legal Assistance Society, please correct me if i'm wrong.
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SolveStudentDebt
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Posted: 10/September/2007 at 9:30am |
Collections, Litigation & advisory Services for the department of justice (CLAS).
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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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trevor braam
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Posted: 10/September/2007 at 12:58pm |
I should have got my education in France
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SolveStudentDebt
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Posted: 10/September/2007 at 4:04pm |
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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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