Bankruptcy Canada - Revenue Canada
Bankruptcy Canada Questions & Answers
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Anonymous |
Date: |
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Sept 7, 2008 |
Question: |
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If I owe money to both credit cards companies and banks for personal loans, how long before they write off their bad debt, or do they carry the debt for life on the individual? If the person never claims bankruptcy does the debt stay for life?
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From: |
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Karen
Alger & Associates Inc. - Alberta Bankruptcy Trustee |
Date: |
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Sept 8, 2008 |
Answer: |
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The debts will remain on your credt report for 7 years. The Statute of limitations for Alberta is 2 years. This means that if a creditor has not actively collected or you have not acknowledged the debt in 2 years, it will become uncollectible. This a gray area because it is difficult to define "actively collected" or "acknowledged" so I wouldn't assume it is uncollectable.
Karen Rideout
phone: (403) 296-2973
Alberta Bankruptcy
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This site provides free information about personal bankruptcy in Canada and personal bankruptcy alternatives in Canada, including answers to common personal bankruptcy questions.
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