When weighing your options to deal with your debt, its vital that you consider the ramifications of prospective decision. Of several debtors seek the help of a licensed Insolvency Trustee to get a initiate, and therefore fresh initiate usually involves a lot more knowledge to increase their income and full economic balances.

As such, our company is willing to provide the after the outline from OSAP’s qualifications criteria since it describes bankruptcy proceeding and you can consumer proposals below. There are the program advice in their totality here.

Q #610: Have you ever registered to own bankruptcy proceeding otherwise started a connected experiences? Q #611: Is the bankruptcy discharged? Note: A consumer Suggestion is a good “related skills” When you find yourself trying to get OSAP through your individual proposal otherwise personal bankruptcy then you certainly should provide OSAP having:

1. A letter from the Trustee appearing you to neither the federal government away from Canada or even the Province off Ontario are a collector in your bankruptcy proceeding or individual suggestion; and
2. Not one of one’s OSAP money that you receive would be captured to repay people financial institutions.

Other debts for the federal or provincial government that have been included on your latest bankruptcy proceeding otherwise user proposition get prevent you from acquiring financing out-of OSAP.

If you’re signing up to OSAP and also have no other costs due to the authorities your personal bankruptcy or proposal should have zero impact on the application, as Trustee should be able to provide the needed letter.

When you have prior to now negotiated college loans through a buyers suggestion otherwise case of bankruptcy shortly after you then ought to provide evidence these particular financing had been released or paid-in full.

In case your prior figuratively speaking just weren’t released, paid in full, or this has been lower than three years just like the loans have been discharged otherwise paid in full you should meet the pursuing the eligibility standards:

1. Facts you have no a good figuratively speaking; otherwise
2. A letter from your educational institution confirming:
   1. You’re signed up for an approved program at the a prescription college or university once you submitted their task in case of bankruptcy or consumer suggestion;
   2. You continue to be enrolled in a comparable acknowledged program from studies in which you have been enrolled during the time that you filed their personal bankruptcy otherwise consumer proposition; and
   3. You haven’t had some slack inside studies off longer than six months given that big date your filed your bankruptcy otherwise user offer.

1. Has actually paid down them
2. Released him or her because of a last bankruptcy otherwise offer at least step 3 years ago; or
3. Stay in a comparable program, at the same school, rather than a break from inside the training greater than six months.

This means, OSAP continues to render assist with help you end up a program which you have currently were only available in many cases, however, wouldn’t promote investment for an alternative program up until the existing student education loans was in fact paid off or it has been a bit (three years) since they was basically discharged. For many who answer “Yes” so you’re able to each other inquiries #610 & #611 which means that you’ve been released regarding case of bankruptcy or complete your own consumer proposal, then you definitely have to simply bring a copy of the personal bankruptcy browse show. You can obtain a copy of these efficiency by visiting it webpages, appearing the title, and you may investing $8.00 working of your Superintendent out of Bankruptcy proceeding.

Conclusion

You can have your software to own OSAP recognized actually immediately after declaring case of bankruptcy otherwise making a customers suggestion. That being said, the brand new conditions are specific and is important to know them to consider the choices accordingly.

Ought i rating OSAP easily file for bankruptcy?

All the information a lot more than merchandise a summary of one’s 2020-2021 OSAP qualification conditions because it makes reference to personal bankruptcy and you may insolvency. Student loan eligibility standards transform frequently, and you can Steve Welker and you can Organization is perhaps not an expert for the eligibility criteria getting figuratively speaking. For people who will still be concerned about your own qualification getting OSAP, we advice calling debt assistance place of work actually.

To discuss your role which have check this site an authorized Insolvency Trustee, contact us, otherwise complete our setting. We’d love the opportunity to comment your circumstances and describe the options free-of-charge. Why don’t we attract your that have a remind effect.