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


One Response to “statute of limitations”

, 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.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)