statute of limitations

October 13th, 2009 by Questions

I am very confused. What is the statute of limitations on debt in alberta? I have copied and pasted a section from this site:
Alberta – The Alberta Limitations Act sets 2 years as the term which is extended to 10 years if there is a judgement.
What does this mean? I have a 2000.00 credit card debt that 10 years old. Does it fall within that category?

Posted from: Alberta

Questions

One Response to “statute of limitations”


October 14, 2009 at 9:55 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This all depends on what actions your credit cards have taken to collect the debt. If they have gone to court to obtain a judgment then they have preserved their collection rights for an additional 10 years. This judgment can also be re-registered, so 10 years is not necessarily the limit.

As a general rule, the credit card companies are very savvy when it comes to debt collection, and typically take all the necessary precautions to preserve their collection rights, so I would expect you still owe that $2000.00.

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