Osap and bankruptcy

[darwins]

Hello all, didnt really know where to post this but I figure general discussion is a good place...

 

I am looking at going into school within the next 12 months and have had some difficulties financially. Credit cards gone crazy and a loss of a high paying job leaves me with a very good chance of going bankrupt.

 

What I need to know is how this will affect my osap application. Full time student is a lot to handle and working to put Mac and cheese on the table is on top of it, but all the bills I currently have are going to make it impossible to support myself through school. The big QUESTION here is will osap still give me money if I apply and have a bankruptcy or is there a time frame I have to wait before I can apply?

 

Any help would be great... thanks in advance.

[w8kg6]

Well, it may not affect your OSAP application as far as them accepting it goes, but what if you do get in? How are you going to pay for this?

[Rayven]

Actually... I think filing for bankruptcy would definitely be cause for a red flag in determining your OSAP approval.

[w8kg6]

woops, I was thinking OMSAS. Yeah, that's gonna be a big issue for you, chief.

[Jochi1543]

Are you going to school for sure? Because if you are, I think you're better off letting your debt continue to rack up and just make the minimum payments, if you are not able to keep up otherwise. Then once you get your MD LOC, you can dump all that debt on there at a much lower interest rate. In the meantime, I would consider consolidating your existing debt. It also never hurts to talk to your bank and credit card provider to see if they can lower your rates or let you skip a few payments since you've recently lost your job.