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Debt in US on work visa

Date: Sun, 03/15/2009 - 19:18

Submitted by anonymous
on Sun, 03/15/2009 - 19:18

Posts: 202330 Credits: [Donate]

Total Replies: 6


I am working in USA on H1B visa (work permit). I have unsecured loans from credit card companies worth $200,000. This is distributed between 7 credit card companies. I accumulated this loan because I had to send money to my old parents for medical treatment in my home country. I was doing good financially, but recently I lost my job in USA. As per law, I have to leave USA within 10 days. If I don't leave, then I will be considered illegal in USA. I am sure I can not pay $200,000 loan from my home country, because the salaries are not that high and also the exchange value of dollar is very high in my home country. I would appreciate if you can let me know my options. I was considering the following:

1) Let creditors know my situation and ask for suggestion. But I am sure after knowing they will be more aggressive in collecting debt.

2) Try to pay as much as I can from my home country, but it will take 100 + years to pay that much loan because of exchange value of dollar in my home country.

3) Just forget everything and start a new life in my home country. I know this is not a good choice, but still I listed it as option. Can they follow me in my home country? Can they ask for my passport copies from government and send someone to that address in my home country?

Any advice would be appreciated.

Thanks!


Hi Andy
I would suggest you to leave the country without informing the creditors of your inability to repay the debt. If you do not plan to come back to US again, then the creditors cannot do anything to recover the debt in your home country. However, if you ever return to US, there is a possibility that the creditor might bring a judgment against you to recover the debt if the SOL on the debt has not expired by that time.


lrhall41

Submitted by on Mon, 03/16/2009 - 03:35

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