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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Credit question

Hello I have aprox 20K in debt from loans and Credit cards from over 7-8 years ago. Do I need to declare bankruptcy still or does the record clear after so many years? thank you

Posted from: Ontario

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One Response to “Credit question”

A licensed trustee said...

Usually after 7 or more years the fact that you have an unpaid debt drops off of your credit report – it doesn’t mean the debt is gone, it just means it is no longer being reported. There is also something called the Limitations Act of Ontario that you may use as a defence if any of these old debts try and take you to Court to collect. Do a Google search to read more about it to see if it applies in your case.

If no one is pressuring you for the old debts then there may not be any reason to file for bankruptcy – it’s something you need to decide for yourself.