![]() ![]() What this means is that you must have acted in good faith in taking out and attempting to repay your student loans and you must show that you would experience undue hardship if you had to wait a further two years. ( b) the bankrupt has and will continue to experience financial difficulty to such an extent that the bankrupt will be unable to pay the debt. ( a) the bankrupt has acted in good faith in connection with the bankrupt’s liabilities under the debt and Specifically subsection 178 (1.1) of the act states that after you complete your bankruptcy or consumer proposal you may apply to the Court to have the period reduced to five (5) years if: Under the Bankruptcy & Insolvency Act, there is provision for a debtor to apply to have their student loans included in either their bankruptcy or consumer proposal if they have ceased to be a student for five years instead of seven. As a follow-up to our post about how the 7-Year Student Loan Rule works if you file bankruptcy or a consumer proposal, we thought we would explain in more detail how a student can reduce the waiting period to five (5) years under certain specific conditions. ![]()
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