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You are working full time but still can’t manage to pay off your student loan.
Does this sound like you?
Bill Pearce just received a letter from his lawyer telling him that he is being sued for an old student loan. He has been working full time for a year, but being a recent graduate he still does not think he can afford to pay back the debt. What can he do?
What can you do?
There are several things you can do if you are in a similar situation. First, outline a list of monthly income and expenses. If you are able to, try cutting back on a certain area to save up some extra cash. You could also file a consumer proposal or a bankruptcy. It is important that you understand the specific rules when it comes to student loans, so it is crucial that you contact a licensed bankruptcy trustee before making your decision. For more information on available options, click here.
