moving out
Date: Thu, 05/14/2009 - 15:13
due to family problems, I have to return to my original country to take care of my parents.
problem is I have a huge credit card debt (>$50k) and no way to pay, specially as I have to quit my job to go back.
reading a lot about debt consolidation, bankruptcy, etc..
what would be the best solution for me?
btw, I'm a citizen and plan to come back after a few years.
thanks,
-Digo
If you do not pay off the debt, the creditors cannot chase you t
If you do not pay off the debt, the creditors cannot chase you to your home country, to recover it. But if you come back within the SOL period, the creditor can sue you to recover the debt through garnishment.
SOL will toll if you leave the country. When you come back, it
SOL will toll if you leave the country. When you come back, it will be like you never left in terms of SOL.
Statute of Limitations - the amount of time they can legally fi
Statute of Limitations - the amount of time they can legally file suit. What state do you live in?
btw, as I'm NOT in default on any CC, would it make sense to cal
btw, as I'm NOT in default on any CC, would it make sense to call then to try and settle for less, explaining the family medical issue?
I have some money in stock options (maybe 25K out of my 50k debt), that I could use for that.
SOL is 4 years from the datre of last payment but if you leave t
SOL is 4 years from the datre of last payment but if you leave the country, SOL would toll (freeze) and then pick back again where it left off when you moved back into the country
Thanks Nascar for the info. I thought SOL continues even after t
Thanks Nascar for the info. I thought SOL continues even after the debtor leaves the country.
Nascar Devil, I was reading another post -- "Can the US coll
Nascar Devil,
I was reading another post -- "Can the US collection agency find me in Canada?" -- from the guy who is now in Canada
in that post, they mention that the debt is "erased" after 7 years???
I quote the reply from Roxette here:
"If there is no question of returning to United States, then you don't need to worry about the debt. They can take legal action only if you return to US within 7 years of the reporting period. You might find a judgment against you in the United States and they will legally force you to pay the past debt. THIS CAN ONLY HAPPEN IF YOU RETURN TO UNITED STATES WITHIN 7 YEARS."
How does this relate to SOL???
thanks,
Not familiar with that particular thread but there is no relatio
Not familiar with that particular thread but there is no relation to SOL and reporting period. SOL is the amount of time that a creditor has to bring action against a consumer. It varies by state with some states having one as short as 3 years (NC) and others up to 15 years (OH). The way I'm reading the post you quoted, however, is that SOL would toll (freeze) and if the debtor moved back to this country, then his creditors could argue that SOL had tolled and it would then be up to a judge to decide.
Federal reporting period as outlined in the FCRA is 7 years + 180 days form the Date of First Default for most consumer debt. BK and taxc leins are the exception to the 7.5 year rule with BK staying up to 10 years and unpaid tax leins can remain on your reports forever. Paid tax leins drop 7 years after paid.