Sentences with phrase «discharged in a consumer proposal»

To reiterate: A former student's student loans, if less than seven years old, will only be discharged in a consumer proposal if the student lender specifically votes in favour of the proposal.

Just like in a bankruptcy, student loans will be automatically discharged in a consumer proposal as long as you have been out of school for at least seven years.

(Debts such as child support payments or court fines are not discharged in a consumer proposal).

Student loan debts are discharged in a consumer proposal.

Not exact matches

Borrowers who filed for bankruptcy or are in undischarged or discharged consumer proposal often qualify.

To put that number in perspective, it's also important to understand that, in Canada, student loan debt can not be discharged in a bankruptcy or consumer proposal unless the debtor has been out of school at least seven years.

Our recommendation at that time was that the waiting period to discharge student debt in a bankruptcy or consumer proposal (currently set at seven years), is too long.

NO, child support obligations pursuant to the Family Law Act, are not discharged in a bankruptcy or a consumer proposal (section 178 (1)(b)(c)-RRB-

And 13 % is actually a pretty big number because in Canada a student loan only automatically gets discharged or goes away in a bankruptcy or a consumer proposal if you've been out of school for more than seven years.

In general, the Bankruptcy and Insolvency Act states that all debts are discharged or cleared through a personal bankruptcy or a consumer proposal except for the following:

In the majority of cases, a Consumer Proposal will require you to pay less than the full amount you owe and still get discharged from your debts.

Specifically, section 178 (1)(g) of the Bankruptcy & Insolvency Act states that the following debts are not automatically discharged in a bankruptcy or consumer proposal:

A consumer proposal is different than a bankruptcy filing, because the note about filing bankruptcy in Canada remains on your credit report for six years from the date of discharge.

While I'm sure many former students would like to file a consumer proposal or bankruptcy to deal with their student loan debt, they can't, unless they are willing to wait seven years for the automatic discharge rule to kick in.

(2) A consumer debtor who has filed a notice of intention or lodged a proposal under Division I may not make a consumer proposal until the trustee appointed in respect of the notice of intention or proposal under Division I has been discharged.

By following our Quick Credit Repair Strategy, your credit can be fully repaired in as little as one year after you have been discharged from your bankruptcy or consumer proposal.

The Supreme Court of Canada today ruled in favour of discharging 407 debts in a consumer proposal or bankruptcy.

In Canada, with few exceptions, all of the unsecured debts of a consumer are discharged or forgiven in a consumer proposal or a bankruptcIn Canada, with few exceptions, all of the unsecured debts of a consumer are discharged or forgiven in a consumer proposal or a bankruptcin a consumer proposal or a bankruptcy.

If you are contemplating filing for personal bankruptcy or making a consumer proposal in the hopes of discharging your student loan debt then you should seek the help of a professional to ensure that you have satisfied the 7 - year waiting period.

At the end of the consumer proposal, all debts are discharged, even if you have not repaid them in full.

Therefore, before declaring bankruptcy or filing a consumer proposal, you should consult with a bankruptcy trustee to assess the chances that the government may object to your discharge, and to confirm that you have in fact acted in good faith and would suffer hardship if you were required to repay the student loan.

Under bankruptcy law, student debt can not be discharged (eliminated) in a bankruptcy or consumer proposal, unless the individual has been out of school for at least seven years.

Under the new rules, a student loan is automatically discharged in a bankruptcy, or a consumer proposal, if you «ceased to be a student» for more than seven years prior to filing (the old rule was a ten year rule).