Question: I have a huge student loan debt (graduated 1997) but for years was barely able to make a living due to emotional/addiction problems. Now I’m working again, $40K a year, but not in my field. I also have a LOT of other debts – some very old credit cards, City of Winnipeg, MPIC, etc. It’s a lot. It feels absolutely overwhelming. Can I declare bankruptcy?
Answer: Yes. The rules for student loans and bankruptcy changed in July, 2008. If your student loan is more than seven years old at the time you file bankruptcy, it will be automatically discharged in your bankruptcy.
