Our Legal ServicesDebtor-Creditor Law
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Debtor-creditor Law Services
What is Debtor-Creditor Law?
This type of law refers to the relationship between creditors and debtors. Once a creditor has a judgment the debtor often pays the full amount of the judgment. If the debtor cannot pay, the creditor and debtor may agree upon a payment schedule. If the debt is not paid and no payment plan is agreed upon the creditor may take steps to collect on the judgment. At MacKay & McLean, our goal as your debtor-creditor legal counsel is to keep our clients out of bankruptcy court.
In Canada, the statute of limitations for collections action is six years from the time the debtor has defaulted on the debt in question. However, this timeframe resets whenever the debtor makes payment towards or otherwise formally acknowledges the debt in question. Each province and territory also has their own statutes of limitations, in Saskatchewan it is two years. Because of the jurisdictional crossover and potential confusion over whether a debt applies to provincial or federal regulations, consumers need to be conscious of what legislation applies to their individual debts and the applicable statues of legislation. Some common examples include provincial / federal student debt and income tax debt.
Debtor-Creditor Law includes:
- Promissory notes
- General security agreements
- Issues involving the Securities Commission.
Mackay & Mclean Barrister & Solicitors
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MacKay & McLean provides the professional services of a large firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn’t have to be. MacKay & McLean is with you every step of the way.