When consider your options to deal with your debt, their crucial that you check out the implications of your potential decision. Of a lot debtors seek the assistance of a licensed Insolvency Trustee so you’re able to score another initiate, hence new start have a tendency to relates to much more knowledge to increase its money and you will complete monetary balance.
As such, we have been prepared to provide the pursuing the describe out of OSAP’s qualification requirements whilst makes reference to personal bankruptcy and you may user proposals lower than. You’ll find the application instructions within their totality right here.
Q #610: Perhaps you have recorded to have personal bankruptcy otherwise initiated a connected event? Q #611: Is the case of bankruptcy discharged? Note: A consumer Suggestion was a beneficial “associated knowledge” When you’re applying for OSAP throughout your consumer proposition otherwise case of bankruptcy then you certainly must provide OSAP which have:
- A letter from the Trustee exhibiting that neither government entities from Canada or perhaps the State off Ontario is actually a creditor on your own case of bankruptcy otherwise individual proposition; and you may
- Nothing of OSAP investment that you will get would be seized to repay any creditors.
Must i score OSAP if i file for bankruptcy?
Almost every other expenses into federal otherwise provincial government that have been included on your own most recent bankruptcy proceeding or individual proposal will get stop you from acquiring financial support away from OSAP.
So long as you may be applying to OSAP while having no other bills due to the authorities after that your case of bankruptcy otherwise offer should have no impact on your application, given that Trustee should be able to provide the required page.
When you have in past times discussed student education loans because of a buyers proposal otherwise bankruptcy proceeding immediately following then you certainly must provide facts these particular money was indeed released otherwise paid in full.
In case your early in the day student education loans weren’t released, paid in full, otherwise this has been less than three-years once the loans was in fact released or paid in full you need to meet up with the after the qualification criteria:
- Research you have zero an excellent student education loans; otherwise
- A letter from your educational institution confirming:
- You had been signed up for a prescription system on a medication university after you registered their assignment into the bankruptcy otherwise user proposal;
- You will still become enrolled in a similar accepted program of data for which you was indeed enlisted at that time you registered your bankruptcy proceeding otherwise user proposition; and you will
- You haven’t got a break during the education away from more than six months since go out your registered their bankruptcy proceeding otherwise user proposition.
- Provides paid them
- Released her or him as a consequence of a past case of bankruptcy or suggestion about 3 years back; or
- Stay-in the same program, at the same school, as opposed to a rest in the degree greater than six months.
To put it differently, OSAP will continue to bring assist with help you finish an effective program which you have already were only available in many cases, but wouldn’t render funding having yet another program until the present student loans was basically repaid or this has been some time (3 years) since they had been discharged. For people who answer “Yes” to help you each other questions #610 & #611 which means that you have been discharged regarding bankruptcy otherwise complete the user offer, then you need to merely render a duplicate of your bankruptcy research abilities. You could see a duplicate ones abilities by visiting it site, searching your own title, and you will investing $8.00 to work of your Superintendent regarding Bankruptcy.
Achievement
Possible get application to have OSAP accepted even just after declaring bankruptcy proceeding or and work out a customer offer. However, the fresh new standards are specific and it is crucial that you see her or him to weighing your options correctly.
All the details over presents a synopsis of one’s 2020-2021 OSAP eligibility requirements since it means bankruptcy and you may insolvency. Student loan payday loans Easley SC eligibility standards transform regularly, and Steve Welker and you will Company is perhaps not a specialist to your eligibility criteria having student loans. For many who continue to be concerned about your qualification for OSAP, i encourage getting in touch with debt services workplace personally.
To go over your role which have an authorized Insolvency Trustee, call us, otherwise submit the form. We’d be happy to review your needs and determine the options 100% free. Why don’t we impress you that have a prompt effect.