10 year rule
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Topic: 10 year rule
Posted By: countrygirl2094
Subject: 10 year rule
Date Posted: 24/June/2004 at 10:18am
I have been reading some of the posts on here, and I am slightly confused. If I finished school in 1994 and went bankrupt in 1999, can I apply to have my CSL dishcharged since I have been out of school for ten years, or would I have to go bankrupt all over again? I own my own home and have a car and a truck, and other such assets. My loan is not with a creditor to my knowledge but they are taking my income tax and my GST in order to repay my loan. Since my bankruptcy not once did they ask me if I wanted to arrange to make payments. ONe day I received a letter stating that they were taking my taxes and GST. I called and asked to set up a payment plan and they said that I could send payments if I wanted to, however they would continue to take my tax. Should I expect something more severe to come my way? Any advice would be helpfull! 
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Replies:
Posted By: hunter
Date Posted: 28/July/2004 at 12:22pm
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countrygirl
No you do not have to go bankrupt again. What you can do now that your loans are 10 years old is either go back to your trustee or talk to the people at the Superintendant of Bankruptcy Dept. in your area. They will give you a sample letter that you can re-do and add your own personal info. Then they will tell you when you can have your hearing held, where I live the cost is $ 15.00. So that is pretty cheap to have your headaches gone for good. My trustee told me that I would have to go bankrupt again, little did she know, but there is a good trustee on this site her name is 2laural and she has given me awesome advice. I asked this same question under the Heading 2laural this one is for you, and here info was great. Good luck |
Posted By: hunter
Date Posted: 28/July/2004 at 12:24pm
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This is what she told me:
You will not need to file a second bankruptcy. You will need to make a motion to the bankruptcy court in the jurisdiction where you live to have a hearing before the Registrar. Contact the local Courthouse, and they should be able to give you examples of court orders, or information on what to file (praecipe etc). There have been recent court cases that say the court cannot wipe out only a portion of the debt, but they can wipe out the whole amount after the 10 year period has expired. I am continually resarching case law on this topic. If you want some legal advice, contact the local law society and they may be able to give you a phone number. In Vancouver, the local Lawyer Referral Service # is 604-687-3221. They charge $10 (including taxes) for 30 minute session. Good luck, and let me know how things work out. L |
Posted By: countrygirl2094
Date Posted: 28/July/2004 at 3:50pm
| Thanks for the advice hunter! However, since this post, I have been contacted by a collection agency so I guess my loan is now in default. Can I still apply to have my loan discharged? And if so, will this affect my home, my car and truck and all the other assets that my husband and I have? I will explain why I have so many assets.......I'll keep it short. My husband was involved in a lawsuit and won. Together we bought the house and paid off all of our bills, excluding the CSL, which at the time, I was unaware I still had (I assumed it was covered under bankruptcy but know better now) My only concern with trying to dishcharge my loan, is that the court will look at the past five months' activities and realize that we have come into some money and that we should be able to pay it in full. I still have very little income and so does my husband, but we have no bills. Will the courts force me to sell something in order to pay the CSL? (If so, I will grin and bare making payments and getting nowhere for the rest of my life.) Also, if I do have the loan discharged, does it get wiped from my credit report? Do I still owe the money but don't get hassled? |