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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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statute of limitation on debt collection

what is the length of time that barres creditors

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One Response to “statute of limitation on debt collection”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Both the Federal and Provinces have Limitation Acts which provide a limit on the time an unsecured debt survives. If an unsecured debt is not collected or payments are not made on the unsecured debt then after a certain time no legal action can be taken to collect the debt. While the time may vary significantly from province to province the key thing to remember is that it is not simply measured from the last payment you made but the last time a collection attempt was made. This could be as simple as sending notice (even if that notice was sent to the wrong address) and if a judgment is obtained the legislated limits often increase significantly. For more information on the specific time frames associated with your jurisdiction you are best to contact a licensed trustee in your area.