If a person claimed bankruptcy before the time changes to the student loan discharge provisions of Chapter 36 came into force on July 7, 2008, do the changes to the Bankruptcy and Insolvency Act apply to them?
If a person has claimed bankruptcy but has not been discharged from the bankruptcy process when the legislation comes into force, the law applies to them. They should contact their bankruptcy trustee to know whether the new law applies to them. • How can a person qualify for exceptional financial hardship? To qualify for exceptional financial hardship, a person must demonstrate to the Court that they have acted in good faith and that they will continue to experience financial difficulties. To find out more, they should contact their bankruptcy trustee. • What other current options are available besides bankruptcy? The Government of Canada and the Province of Nova Scotia offer several programs and services to help students manage their debt such as: • paying the interest on the loan while a full-time student remains in school; • payments will not exceed 7% monthly gross family income of a borrowers monthly Nova Scotia Student Loan under RAP; • providing up to 54 months of Interest Relie
Related Questions
- If a person claimed bankruptcy before the time changes to the student loan discharge provisions of Chapter 36 came into force on July 7, 2008, do the changes to the Bankruptcy and Insolvency Act apply to them?
- What are the changes to the Bankruptcy and Insolvency Act following the coming into force of the changes to the student loan discharge provisions of Chapter 36?
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