[Bamag]

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.

[Iknowalotofstuff]

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.