Other options?

June 24th, 2009 by Questions

I have about $15,000 in credit card debt and nothing to show for it. I stopped making payments as it was futile. It has been five years since I have been in contact with the debt holders. Is there an amount of time that passes that my debt becomes written off. Like if I wait seven years it is considered a loss or should I declare bankruptcy?

Posted from: British Columbia


One Response to “Other options?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

There is a statute of limitations, but there are certain actions the creditors can take to preserve their collection rights (i.e. obtain judgment at court). As most of the creditors (particularly large banks and credit card companies) are quite savvy, they understand the actions they must undertake to preserve their collection rights and as a result very rarely can one avail themselves of this statute. So you may be forced to contact a local trustee and investigate the filing of a bankruptcy, a consumer proposal or one of the other alternatives to bankruptcy.

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