Canada Student Loan Bankruptcy Legislation

With the election of a new minority government on June 28, 2004, it is likely that the Senate Banking and Finance Committee Report, Debtors and Creditors: Sharing the Burden: A Review of the Bankruptcy and Insolvency Act, that proposed reducing the period that student loans would be discharged in a bankruptcy from 10 years to 5 years will probably not be acted on for a long time.

Minority governments are generally most concerned about their survival, and therefore it is likely that the government will not make changing the Bankruptcy & Insolvency Act a priority.