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Moving to Another Country with Debt

Date: Mon, 03/22/2010 - 23:04

Submitted by Bill Hendrickson
on Mon, 03/22/2010 - 23:04

Posts: Credits: [Donate]

Total Replies: 4


I apologize if this is the wrong forum for this topic but I didn't know where else to ask. I am 25 years old and owe about $15000 in debt, through a combination of school and unintelligent spending. I've lived in New York City for all of my life, and have wanted to move to a different country for a number of years now.

I am unsure what happens to my existing debts when I am trying to move. First off, can my debts hurt or completely stop my chances of moving to the country I want and eventually becoming a citizen? I have a list of potential new homes for myself, but high up on the list particularly is Australia.

Second, when moving to another country and/or becoming a citizen of the country, what happens to my debts I accumulated in the United States? Can my poor credit score hurt me while living in a foreign country like it does here? Will my debt follow me? A minor part of my desire to move is indeed for a fresh start, though it's not my main reason.

What other information might I want to know before taking the steps to moving to another country? Also, with what type of professional should I seek to speak to if I want some kind of professional advice on this topic?


Well Bill, I think you should work out something with your creditors before you move out from U.S. Nowadays, it's a bit difficult to get away from the debts as the banks are becoming interconnected globally. You can leave your credit scores behind as they are not international.

You have a chance of escape if your creditors are not aware of other citizenship. But debt follows, as it's linked with your SS#. If you planning to move, it's better to seek the advice of a financial counselor. Moreover, if you come back after a couple of year, then you may get into some kind of trouble.


lrhall41

Submitted by Chris Samuels on Tue, 03/23/2010 - 00:26

( Posts: 174 | Credits: )


Hi Bill,
I moved to Mexico for 2 yrs and it did not hurt my chances of living and working there.
I was able to achieve legal work status and my debt never came up.
I ended up settling my debts myself, even while I was out of the country, but my advice would be to get it over with and be done with it. If you have the funds to offer a settlement then I would do it, if only for your own peace of mind.


lrhall41

Submitted by mybox22004 on Sun, 04/04/2010 - 17:29

( Posts: 6 | Credits: )