In Canada, under the federal Bankruptcy and Insolvency Act (BIA), we have special rules that apply to unpaid student loans. These laws are punitive because they are harsher on consumers than the treatment afforded to other types of unsecured debt which I will refer to as unsecured consumer debt.
※ Not all loans to students are treated as student loans under Canada’s insolvency laws
We know that there are special rules when we are dealing with student loans and that people with these debts receive harsher treatment than those with garden variety debts. It is, however, important to know that not all debts arising from loans made to students receive this harsher treatment. Some chartered banks in Canada might offer special loans to students attending a post-secondary education which do not fall within the definition of student loans. These loans might simply be garden variety bank loans which are marketed solely to students attending a post-secondary institution.
※ Continue to the Next Article “Student loan debt and waiting periods”
If you want to learn more about how to deal with your student loan debt then you should speak with a Licensed Insolvency Trustee.
You can also skip to any one of the article sections below to continue reading or re-cap on any information covered in this series of articles;
1. Background Information
2. Student loan debt and waiting periods
3. Automatic stay of proceedings
4. Recommended Strategies and Tactics
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