Student Loan: Bankruptcy Questions

bankruptcy studentStudent Loan: Bankruptcy Questions

Dear Trustee,

I have been researching my options lately because I am considering filing for bankruptcy and have a few questions for you regarding my student loan. I graduated from my undergrad in 2007 and then from my Master’s in October, 2011. I have been applying for the Repayment Assistance Program every 6 months through OSAP which has been very helpful considering I have not been able to make payments for a variety of personal reasons. I am aware that if I file for bankruptcy that I am not able to include my student loan until October, 2016 because The Bankruptcy and Insolvency Act indicates that there needs to be 7 years and sometimes 5 years in between the date that I ceased to be a full or part-time student and the date I file for bankruptcy. So, here are my questions:

  1. If I have been benefiting from the Repayment Assistance Program does this mean that the 5 years changes the age of my loan?
  1. Are there ways to apply to the court to consider my student loan to be discharged by my bankruptcy?
  1. Are you able to meet with me to advise me and give me options?

Thank you


Dear SL,

Yes, if you have been receiving assistance from the repayment program, the age of your loan changes according to the Canada Student Loan Act as well as OSAP (Ontario Student Assistance Program).

There are ways to apply for a Hardship Provision to include your student loan. However, the court needs to have proof of the hardship and the court decides on a case-by-case application process.

Yes, we are able to meet with you to discuss your options and ensure your rights—please give us a call and we can answer your questions and book an appointment for you. There is no charge for the initial meeting. Charges and terms of payment for future work will be discussed at this initial meeting.


Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years. 

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