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Is bankruptcy really the best option? What happens if I just stop paying the credit cards? |
-Debt totals over $50K, with US banks (100% credit cards - unsecured) -I have US permanent residency but now live abroad -I have no assets under my name, no cars, no property -I go to the US maybe 3 times per year, a week each time -I'm almost 70 What a terrible bunch of answers. Lets start again. You have a permanent residency? Does that mean you rent or own a home? YOu did say you have no assets. What's this "under your name" stuff? First, the people saying you will be arrested are idiots. That doesn't happen here, so don't sweat that. Your credit will be ruined...but only in the US. It doesn't normally follow you outside the country. Note that the statute of limitations on debts runs from 4-7 years depending on the state you live in. But if you leave the country the SOL freezes, so you will not be able to hide behind the SOL to get out of these debts. What type of income do you have? They can not garnish SS, pensions, or other types of retirement income. That leaves bank accounts and property to go after (and you don't have any property). Once they get a judgement, they can collect for a long time. That means they can take your property after you die by billing your estate. So my opinion? Why sweat out your retirement years over this? File bankruptcy. You may qualify for a chapter 7 and wipe out all of the credit card debts, and since you have no property they can't do much else to you. Discuss this with a bankruptcy attorney and see what they recommend. If you stop paying on your credit cards it becomes a criminal matter...I think the legal term is "Credit Card Abuse" or fraud. I think you would do best to call a lawyer, one that has a free initial consultation. Bankruptcy may work for you but I would seek a professionals opinion first. I suspect you will be okay as long as you do not reenter the US. But eventually, you can be arrested and go to prison for debt evasion. No more visits, that's all. Unless you pissed somebody off. Then you'd better not be in a country with an extradition treaty with the US. Do that, if you don't plan to go back to America. There are many quieter places where to retire. Be careful though, they could issue a warrant for you anytime and won't warn you in advance. If they catch you, even if they will probably never jail you because of your age, you might be sentenced to house arrest, or you could be prohibited leaving your state. It yould be a brave choice never to come back. Of course, there's the other option. Find the money to pay back your debt and retire in poverty (unless you already are). I certainly wouldn't go this way. Just out of curiosity, where do you live now? At your age of almost 70 years old, I feel sad for you, especially when you're saddled with debts of over $50K. How did this thing happened to you? The banks are not merciful to you, only Almighty God is. They will definitely press charges against you to recover their money plus interest, if you don't pay up in time. However, the end result would not be in your favour considering your advanced age. It looks like you'll be sued for bankruptcy. what you could do is consolidate and make a low monthly payment. CC are very easy to use and hard to pay back. Try work with the company and they might be willing to help you reduce your debt. You still have plenty of years to make low monthly payments your Credit is very important in alot of ways, I have heard of people not getting a job over credit, insurance prices are affected with credit, and even finding a good place to live is affected by credit. I myself have been in bankruptcy for the last year and still am not done. I have never had alot of money but when you get divorced and get stuck with medical bills and are young mom just fresh out of vocational school, you don't have alot of options. I suggest try consider all options make sure you find a good lawyer that knows all about consolidation, bankruptcy, and The right laws!. |
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