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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 Limitations

My question having resided now in the US for the past seven years, do the Canadian credit institutions still pursue the debt outstanding upon my return or does the statute apply and is the debt now erased

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One Response to “Statute of Limitations”

A licensed trustee said...

Contrary to popular myth, there is no statute of limitations on debt. Until it is repaid or otherwise retired it still exists. That being said, it is likely that the debt s were written off years ago and that no action will be taken. Unfortunately, there is no way to know in advance if this has happened.