Hi,

I gather that the ten year rule says you can not apply for bankruptcy until 10 years after you leave school.

However, if you are still at school, but have exhausted your 340 weeks of interest free period at school, and go into repayment they no longer consider you a student even if your at school.

If this is the case would the 10 year rule apply to the last period that the student loan people would accept a Schedule ii form?

thanks

What I am getting at is the gov can not have a double standard.

If the gov stops paying the interest on your student loan while your in school (exhaust 340 weeks) then the bankruptcy clock should start while your in school on the day that the gov stop paying the interest on your student loan.  

i am in a similar situation.  as i have pointed out in other posts i did file bankruptcy while still a student.  but didn't include my student loans in the bankruptcy as they were still in interest free status.  however, by filing bankrupty, i am considered no longer a student.  my loans got defaulted immediately.  i would not have filed if i knew this would happen.  however, it was up to me to have known this, not my trustee.  anyways, i'm still a student, still 2 years to go in my program.  i think that this means that i can't go bankrupt on my SL's for 12 years rather than 10.  doesn't make sense since on one hand they say i'm not a student and on the other hand they say i am.  i'm not sure what will happen.  but i do know that once i get discharged, about 1 month from now, they will expect me to start making payments and interest will accrue and has accrued from the day i filed my bankruptcy. it is frustrating and it is a double standard. 

i never intended to default on my SL's but i stupidly didn't educate myself on the canada student loans act and the canada student loans regulations.  had i done my research, i would've held off on the bankruptcy at least until i was done school.  i would've save a whole whack of interest since i clearly won't be able to start paying until i'm done my program.  and if i quit now, i won't have a chance in hell of ever paying them back.  in the best of situations it will take me 14.5 years starting 2 years from now.  i'll be 57 by then.

no one seems to know exactly how the clock "ticks" in my situation.  and i cant seem to get an answer.   

"however, it was up to me to have known this, not my trustee"

I think your trustee should have known this and you can make a claim on their error and ommission insurance.

What  did the trustee say to you to make you believe that nonsence.

help - i am not sure where you are so keep in mind each province has its own quirks.

for ontario, if you check the osap site they have tons of info.

http://osap.gov.on.ca/eng/not_secure/repay.htm - http://osap.gov.on.ca/eng/not_secure/repay.htm

if i am reading this correctly, it goes like this.  if your first set of loans are in good standing, they would go back into the system and your additional funding would get tacked on to the totals of what you already owe.  if you have defaulted on your first set of loans you would have to obtain clearance of your default and then reapply for osap.  they also have a section to check regarding bankruptcy.

frustrated-guy

you can apply for bankruptcy at any time, but your student loans cannot be included until 10 years after you cease your studies.  if you were to file prior to the 10 years, you would later have to apply to have the loans discharged on your original bankruptcy - you do not have to go bankrupt again.  2laural is the authority on this stuff, seek her out if you have some additional questions.

if you are still in school you should be able to get your loan status changed since you are a full time student again.  go to your financial aid office and talk to whoever is in charge and get some answers.

as for the government, they basically have you by the balls no matter what.  the clock goes form the last day you are a full time student to include your loans for bankruptcy.  stats barred is six years after your last acknowledgement of the debt which gets reset each and every time you make a payment or submit a financial statement to those pricks at hrdc. 

and who had the bright idea to charge 1500 bucks to file for bankruptcy anyways ??

if you are getting screwed over, talk to johnny, he may be able to help you

good luck

 Help,

 You do not have to go bankrupt.