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    flyfishers's Avatar
    flyfishers Posts: 2, Reputation: 1
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    #1

    Jul 14, 2007, 09:16 PM
    Statue of limitation on business debts
    Is there a statue of limitation on moneys owed (debt) to a business like credit cards and mortgage line of credit in BC Canada
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jul 15, 2007, 07:58 AM
    Hello fly:

    There is NO statute of limitations on debt. If you owe it, you owe it forever. There is, however, a time limit beyond which you can't be sued. You didn't aks how long it is, and I don't know anyway. One of our Canadian experts will be along shortly.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jul 15, 2007, 08:11 AM
    Yes on Credit cards there are, mortgage lines of credit, are just that, if you don't pay it is tied to your home, and they can keep a lien on your home forever until it is sold.
    flyfishers's Avatar
    flyfishers Posts: 2, Reputation: 1
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    #4

    Jul 15, 2007, 09:00 AM
    Thanks a million helps a lot :)
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