I have $50,000 in credit card debt. I'm making the minimum payments, but I'm struggling. I spend as much time abroad as in Canada, but I have some questions: how many years does a credit card debt have a statute of limitations? If I give up and don't pay it all back, will the bank continue to pursue me for the outstanding amounts if I leave for a very long time?
In a situation like yours, assuming you know your income, you should consider bankruptcy. Any other solution will only delay this seemingly inevitable outcome. A meeting with a trustee will allow you to make the appropriate decision.
Questions reliées
- Hello I filed a consumer proposal over two and a half years ago. In the TransUnion file, the proposal is identified as "Bankruptcy (Proposal)". What does that mean?
- Hello, In January, I received a notice from a law firm demanding $2,600 from a bank for an outstanding credit card balance of $3,382. I made the payment, received my release letter, and the card was closed. What happens to the remaining balance of $782? Do I have to repay it, or does the $2,600 offer from the bank, which I accepted, close the case permanently?
- How can one successfully rent a property after bankruptcy when landlords require a credit check?
- I am currently bankrupt for 21 months. After how long can I apply for a credit card to reinstate my name?
- I am married and we bought a house together last year. We own a company, and for the past two years, we have been accumulating debt, both company debt and personal debt. We are considering filing for company bankruptcy, and my husband is also considering personal bankruptcy. If my husband files for bankruptcy but I don't, will we be able to keep the house since it is in both our names? My husband is also the primary cardholder on a credit card, and I also have a card on that account. If he files for bankruptcy, am I responsible for that account even though I am not the primary cardholder?