Canada Student Loan Bankruptcy Legislation

As I write this in June, 2006, I am now convinced that the Bankruptcy & Insolvency Act as it relates to student loans in Canada will not change in 2006. The Senate does not appear to have any meetings scheduled dealing with this topic, and since Parliament traditionally rises for it’s summer break in June, it is unlikely that any hearings will be held before the Fall, perhaps in October or November, 2006.

When new bankruptcy laws in Canada are passed, in typically takes at least six months for the laws to come into force, primarily because the civil servants must write up the rules and regulations that practitioners such as trustees in bankruptcy use to interpret the laws.

If Parliament does further review the issue of student loans and bankruptcy in Canada in the fall of 2006, it is conceivable that the review could be completed in the winter of 2006, which means that perhaps the new rules could be in force by the summer or fall of 2007.

Or not.

At this point, without any direction from the government, this is purely a guess. Again, stay tuned to this blog for further information. Alternatively, you could contact a local trustee for further information. Here are some links that you can use to research your options for dealing with your student loan debt:

Moneyproblems.ca is Canada’s oldest and most informative web site devoted to helping Canadians deal with their money problems; it has links to trustee’s and credit counsellors across Canada; use the search feature to get information about student loans, bankruptcy, and credit counselling.

Personal Bankruptcy Canada Blog, Canada’s oldest and largest personal bankruptcy blog, where readers can post questions and get answers from trustees.

Provinces in Canada have the following bankruptcy web sites (from west to east):
Bankruptcy British Columbia
Bankruptcy Alberta
Bankruptcy Saskatchewan
Bankruptcy Manitoba
Bankruptcy Ontario
Bankruptcy Quebec
Bankruptcy Nova Scotia
Bankruptcy Newfoundland and Labrador

Individual cities in Ontario have the following bankruptcy blogs (including Ontario Personal Bankruptcy Blog, dealing with bankruptcy related issues in Ontario):
Bankruptcy Brantford Blog
Bankrutpcy Cambridge Blog
Bankruptcy Chatham Blog
Bankruptcy Guelph Blog
Bankruptcy Hamilton Blog
Bankruptcy Kitchener Blog
Bankruptcy London Blog
Bankruptcy Mississauga Blog
Bankruptcy Scarborough Blog
Bankruptcy Toronto Blog
Bankruptcy Windsor Blog

General information can be found about bankruptcy alternatives and debt consolidation loans.

Finally you can search the web for: student loans, student loan bankruptcy Canada, debt consolidation loan, credit counseling, consumer proposal, personal bankruptcy, and bankruptcy Canada.