A student loan is not dischargeable debt in the case of a bankruptcy, unless you completed your studies more than seven years previously. You can only stop paying your student loan if you are discharged by a bankruptcy. Although you are not required to do [...]
Yes, this type of debt is not dischargeable.
The payments that a debtor must pay for bankruptcy are assessed based on the monthly income of the family unit and the list produced annually by the Office of the Superintendent of Bankruptcy.
A creditor is a person, organization or company to whom another person, organization or company owes money. Understanding the terms relating to insolvency When we are in debt, solutions are at hand, but it is not always easy to see them. While we are busy dealing with [...]
A debtor is a person who has an obligation towards another person or an organization, including a requirement to pay an amount of money.
Insolvency is the state of a person or company who is not able to pay his debts when they become due. There is also talk of insolvency when the value of the debts of an individual or a company exceeds the value of his assets.
An asset is something belonging to a person (car, home, RRSPs, inheritance, investment, etc.) or property that the person does not have possession of, but that someone owes to them.
An unencumbered asset is a property that has already been fully paid and may be used to secure a loan, such as a home or a car.