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Ontario Limitations Act and Old Debts

mardi, août 4th, 2020

Ontario Limitations Act and Old Debts

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Can it be correct that it will go away if you just ignore an old debt? Not really. You will find a few misconceptions about the Ontario Limitations Act. This week’s Technical Tidbits version of Debt complimentary in 30 can help split the reality from fiction.

Let’s begin with that which we understand

Everyone knows that in the event that you don’t pay a financial obligation, you’re going to get collection phone calls and, possibly, get wages garnisheed. Therefore yes you can easily ignore a financial obligation, however it may result in collection actions. Doing nothing is not generally an option that is good.

You don’t need to worry about wage garnishments if you don’t have a job. But that doesn’t suggest that you could merely ignore a financial obligation and now have it disappear completely.

Debts don’t just “go away”

You to court and suing you if you have no wages to garnishee, or no assets to seize, there many be no benefit to a creditor or debt collection agency taking. Therefore yes, you can simply disregard the financial obligation rather than suffer direct economic effects. Your debt did go away, n’t you nevertheless owe the cash. (suite…)