Hello,
I am a CDN living currently in the USA. I have non-residency status in Canada and therefore do not file income tax and I have permanent residency status ih the USA (i.e. a green card). I have unfortunately accumulated a lot of credit card debt with my CDN credit cards (approximately $48000) and have a condo that I am paying a mortgage on that is bleeding me dry because the tenants never stay and the rent never covers my mortgage + condo fees. To top it off, I have a car loan that was going to finish in June 2009, but the car needs a new engine which would be minimum $4000 to repair. I could probably only get $5000 to 6000 on this car and still owe approximately $2500 on it. Therefore, it's not worth repairing. And our second car needs a $1300 repair on it. I am drowning and am seriously considering just abandoning my payments in Canada. I have a good credit rating in Canada and hate to ruin it, but I am overwhelmed. I have seen that the statute of limitations is 2 yrs in Ontario, but the federal is 6 yrs. Does this mean in 6 yrs if I returned home that I could start "afresh"? Thanks you for your assistance.

The federal SOL does not apply. If the debts were incurred in Ontario and you would be sued in Ontario, the basic limitation period is 2 years from the date of last payment or written acknowledgment.