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cmhc debt

hi and thank you for this site. am considering a bankruptcy. i lost my house over 7 years ago. a collection agency is after me for the cmhc debt. how long does the cmhc debt hang around my neck like an albatross. they have stated that they will garnishee my wages for the debt. this is a new statement from them. i am not sure if it is a scare tactic or if the govt. has instructed them to proceed.

One Response to “cmhc debt”

Barton Goth GCO Bankruptcy Trustees said...

This will likely exist until the debt is dealt with. As long as the companies in question are making attempts to collect there really is no statute of limitations rules that kick in. So generally you must deal with your debts or they won’t go away.

If you are not in a position to meet their demands then my recommendation is to contact a local trustee and discuss how either the filing of a bankruptcy or a consumer proposal will help put this behind you.