When consider the choices to cope with your debt, their important to consider the implications of possible decision. Many debtors look for the assistance of an authorized Insolvency Trustee to help you score a start, hence fresh initiate usually involves a whole lot more studies to increase the income and you may full economic balance.
As such, we have been ready to supply the following outline from OSAP’s payday loans Easley SC eligibility conditions whilst identifies bankruptcy proceeding and you will individual proposals below. You’ll find the application form rules inside their totality here.
Q #610: Have you ever submitted to have personal bankruptcy or started a related experience? Q #611: Will be your bankruptcy released? Note: A buyers Suggestion is actually an effective “related enjoy” When you find yourself trying to get OSAP using your individual proposition or bankruptcy then you certainly should provide OSAP which have:
- A letter from your Trustee indicating you to neither the federal government out of Canada and/or Province of Ontario are a creditor on your own case of bankruptcy otherwise user suggestion; and you may
- Not one of your own OSAP investment that you will get could be captured to settle one financial institutions.
Can i score OSAP basically file for bankruptcy?
Almost every other expense on the federal otherwise provincial authorities that were provided in your newest case of bankruptcy otherwise consumer offer will get stop you from obtaining financial support away from OSAP.
So long as you might be signing up to OSAP while having not one bills considering the regulators then your personal bankruptcy or suggestion need to have zero effect on the application, since the Trustee will be able to deliver the required letter.
When you have in the past negotiated student loans through a customer proposal or case of bankruptcy just after you then must provide research these particular money have been discharged or paid in full. […]