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If student loan is your only debt, bankruptcy is generally the correct option only if you have been out of school for more than seven years.

If you have been out of school for more than 5 years, you can still declare bankruptcy and then apply to court to discharge your student loan, but there is no guarantee that the court will actually allow your loan to be discharged.

For more detailed information, please read our article "What Are My Options if My Student Loan Is Less than 5 Years Old?"

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For many people who do not receive wages, and all of their income comes from social assistance, government pensions, and/or child support, the correct option may be to NOT go bankrupt until you return to work.

For more information on why bankruptcy might not be the best solution for you and what other options might work better instead, please read our article "What Are My Options if My Income Is from Social Assistance, Pensions, or Support Payments?"

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For many low income earners, the correct option may be to NOT go bankrupt until your income increases.

Bankruptcy is expensive, and so in many cases it does not make sense to declare bankruptcy and pay, for example, $160 per month to prevent a $100 per month garnishment.

For more detailed information, please read our article "What Are My Options if I Earn Minimal Income?"

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