I have 4 debts, ( 3 cards,1 unsecured personal loan). At the behest of OCCA I stopped paying any of these debts over 3 yrs. Ago. With the changes in statute of limitation laws can I defend against court proceedings by 3rd party collectors or has bankruptcy become my only option? I have not had steady employment since Dec. '08.

The Ontario Limitation Act 2002 , came into force on January 1, 2004. It sets two years as the term (Section 4). This limitation will be reinstated where the debtor acknowledges the debt or makes a partial payment towards repayment of his debt. If the default occurred prior to January 1, 2004, the creditor will continue to have 6 years to pursue the claim. However, if the default occurred after January 1, 2004 then the 2-year rule applies.

http://www.bankruptcycanada.com/limitationacts.htm