January 12th, 2014 by Questions
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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January 12, 2014 at 5:07 pm, 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.