Student Loans it Can Get Worse!!!

[tobee43]

check this out....what a story!!


Student loan horror stories: What's the worst that can happen?

http://www.walletpop.com/blog/2010/08/20/student-loan-horror-stories-whats-the-worst-than-can-happen/?ncid=comlnkwbwall00000002

[MSbklawyer]

Canadian Bankruptcy

Just like US law, Canadian law does not require you to be a citizen to take advantage of their bankruptcy laws. You only have to be a resident. And unlike US law, you can discharge student loans after they're 10 years old.

So, If I were hopelessy buried in student loan debt, before I would commit suicide as a means of protesting to Congress --like the people in that article are talking about -- I believe I would tough it out for 10 years, get lawful residency in Canada, an file for bk up there.

[tobee43]

Just like US law, Canadian law does not require you to be a citizen to take advantage of their bankruptcy laws. You only have to be a resident. And unlike US law, you can discharge student loans after they're 10 years old.

So, If I were hopelessy buried in student loan debt, before I would commit suicide as a means of protesting to Congress --like the people in that article are talking about -- I believe I would tough it out for 10 years, get lawful residency in Canada, an file for bk up there.

you mean to say this would discharge all existing debt in the us, including student loans?????
if so.....your suggestion... or to better say, your statement would not only cause a mass migration over to canada....but it would be, as far as i would view it for some, borderline...BRILLIANT???

[tobee43]

would this also be applicable to IRS debt????? oh no...a WAY around the system???

can't be??????...LOL!!

[MSbklawyer]

you mean to say this would discharge all existing debt in the us, including student loans?????

U.S. and Canada recognize each other's bankruptcies. By treaty, if I'm not mistaken. [See disclaimer below].

I had a client recently who had dual US / Canadian citizenship who had a certain kind of debt -- I can't go into specifics -- that made U.S. bankruptcy worthless for him. He went back to Canada and filed there and even the debts he had contracted in the US were discharged. In dealing with and assiting his Canadian bankruptcy attorney, I learned a bit about Canadian bankruptcy law, including the residency requirements. A bit of trivia -- Canadian bankruptcy isn't done by lawyers, but is done by a court official called a "trustee".

if so.....your suggestion... or to better say, your statement would not only cause a mass migration over to canada....but it would be, as far as i would view it for some, borderline...BRILLIANT???

Thank you.

[MSbklawyer]

Another bit of trivia. On the Canadian equivialent of our Schedule "J" , there is a line for alcohol. How cool is that?

[tobee43]

you aren't hiring are you...LOL!! although i specialize in research, i can change it to bk! i could move to mississippi!..(but i was first in my class!) LOL!!

[tobee43]

Another bit of trivia. On the Canadian equivialent of our Schedule "J" , there is a line for alcohol. How cool is that?

No! way....is it itemized as follows:

1. Grey Goose
2. Single Barrel Jack
3. Courvoisier Cognac
4. Chateuneuf-du-Pape

etc?

[MSbklawyer]

Here it is: http://strategis.ic.gc.ca/eic/site/b...g/br01934.html

Canadian Schedule "J"

I wonder what the expense for "hydro" is for ?? It's not water because there's a separate blank for that.

[tobee43]

Here it is: http://strategis.ic.gc.ca/eic/site/b...g/br01934.html

Canadian Schedule "J"

I wonder what the expense for "hydro" is for ??

i would qualify that as follows:

1. mineral
2. bubbled /carbonated (please consolidate & enter total of both on line 2)
3. imported
4. natural spring
5. dirty
6. muddy....


personally, i prefer the muddy, however, it must come from only the finest swamps.

[StartinOver]

Hydro is power as in hydroelectric... it's in the section of the document about utilities like heating fuel, telephone, cable and water...

[tobee43]

Hydro is power as in hydroelectric... it's in the section of the document about utilities like heating fuel, telephone, cable and water...

thank you StartinOver for that clarificaton...it was a bit confusing!