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?
Since July 7, 2008, the waiting period to have a Canada student loan debt discharged in case of bankruptcy has been reduced from 10 to seven years and, should a person qualify for exceptional financial hardship, the waiting period will be reduced to five years. • 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 c
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?
- What is a Division 1 Proposal filed under the Bankruptcy and Insolvency Act?
