Student Loan Debt
Student Debt Relief
Student Debt Seven Year Rule
The seven year rule is important because if this is miscalculated the student loans will not be included in any application.
If you declare bankruptcy seven or more years after the date on which you ceased to be a student, your student loan debts can be eligible for discharge along with your other debts.
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Student Loans and Hardship Provision
If you graduated less than seven years prior to filing for bankruptcy, you can still make a special application to have the student loan discharged by your bankruptcy.
If it has been at least five years since you were a student, you can apply for a discharge of your student loan through a hardship provision.
To apply for the hardship provision, you must convince the court that you have experienced a continued financial hardship that stops you from repaying the loans.
When considering the hardship provision, the court will look at how you spent the student loan money, if you completed your education, and what efforts you have made to repay the loan.
To learn more about how to free yourself from student loans when you’re undergoing a bankruptcy or a consumer proposal, call us today.