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Is There a Statute of Limitations On My Debt (MNP 3 Minute Debt Break)
Manage episode 416137365 series 3572003
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Each province in Canada has its unique statute of limitations governing how long a creditor has to take legal action against you for debt collection. Taking Alberta as an example, under the Limitations Act, a creditor has two key time frames to initiate legal proceedings: within two years from when they first became aware of the debt or ten years after the claim arose, depending on which period ends first.
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