Advice?
Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Bankruptcy and Proposal Info and Issues
Forum Description: Get your questions answered about bankruptcy and proposals
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6804
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Topic: Advice?
Posted By: Mark
Subject: Advice?
Date Posted: 04/December/2013 at 6:16am
Hello,
I have about $45000 debt mostly student loans from 1999 Alberta and 2007 quebec (plus federal).
I am committing to live a spiritual life.
I told all the debtors I would have no more income , my tax return was taken from last year as I have been full time volunteering for 2 yrs with no income. I understood after 10 yrs the student loan will not be pursued to be collected? and otherwise any income I have can be garnished.
Any ideas who I can contact to get more clarity about my options as I am looking to make a commitment into spiritual living and need to give more clarity about my situation before being accepted as not just running away from debt. ( ! :).
I typed another message but it was not accepted because of spam filter so could type more maybe later.
Thank You!
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Replies:
Posted By: kymbeee
Date Posted: 21/July/2014 at 6:06pm
Did you ever get an answer on this Mark? I'm not an expert by any means, but I don't think that sounds right. Your student loans don't just 'go away' after 10 years. It used to be that your student loans would not be absolved as part of a bankruptcy until you had ceased to be a student for 10 years. That was shortened to 7 years, or 5 years in a case of hardship.
If I misunderstood and you have or are filing for bankruptcy, you should be able to talk to your trustee about this. If you have not or are not planning to file for bankruptcy, I believe you are still accountable for your student loans until they are either paid off, or they are discharged as part of a bankruptcy.
Be careful with your Quebec student loans. They're tricky! I recently received a letter from the Govt of Quebec telling me that I owe $1500 in interest that they paid during an interest relief period dating back to 1994/95... even though the full student loan was paid off to the Caisse Populaire in 2001. It took the Govt of QC twelve frickin years to let me know I owed them money!!! None of this will be the case for you though, as the legislation has all changed since then... but I still wouldn't trust them! If you live in Quebec, they will take it off your income tax returns, but if you live outside of Quebec, they will send it to a collection agency.
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