What are my options in retaining my house in Egypt

Date: Mon, 08/15/2005 - 01:45

Submitted by anonymous
on Mon, 08/15/2005 - 01:45

Posts: 202330 Credits: [Donate]

Total Replies: 1

I'm in a credit card debt for over $100,000. The money was borrowed to run a business, which didn't go well. I came to my country, Egypt last year. For some reasons US immigration canceled my green card. I've appealed on it, but do not know how long it's going to take. I own a house in Egypt, do you think they will take away my house as well. Do they have a jurisdiction outside the country. I didn't commit any fraud. I just want to know what my options are? Please advise. Thank you very much.

Hi Nadeem You should go through your agreement letter which y

Hi Nadeem

You should go through your agreement letter which you signed with your creditors and know the terms and conditions that have been laid on it.

Also, a judgment has to be entered in your name if you fail in making payments to your creditors. They will issue a notice to you and will clearly state that if you are unable to pay the debt within a certain period of time, then the said action will be taken against you. This will indicate clearly if the creditors are targeting your house in Egypt for recovering the debt amount.

However, you should also consult your lawyer and know if there are some other risk factors.

I believe that if you can negotiate with your creditors and convince them that you are willing to pay the debt over some period of time, then a lot of this problem will get solved.

lrhall41

Submitted by ben on Mon, 08/15/2005 - 10:21

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