Debt and relocating to a foreign country

This is a discussion on Debt and relocating to a foreign country within the Debt Collection forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; We had a car reposessed because my soon-to-be ex stopped making her payments. Now, they are wanting $11000 for the ...

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Old Aug 29th, 2008, 01:52 AM   #1
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Default Debt and relocating to a foreign country

We had a car reposessed because my soon-to-be ex stopped making her payments. Now, they are wanting $11000 for the remaining balance. We also have two credit card bills and a cell phone bill totalling about $2500. I'm sick of fighting with creditors because of the bills she runs up (hence the divorce). I have an opportunity to go to a foreign country and stay there permanently (renouncing US citizenship). How do creditors handle it when someone leaves the country and becomes a foreign citizen? Is that amount worth pursuing someone to another country?
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Old Aug 29th, 2008, 09:38 AM   #2
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Default Re: Debt and relocating to a foreign country

usually they will not pursue you unless the amount is quite large

you could of course also just declare bankruptcy??
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Old Sep 10th, 2008, 08:12 PM   #3
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Default Re: Debt and relocating to a foreign country

wow
my situation is very similar to yours,
i left the U.S. owing about 65k, and moved to canada
they know were i am
what do you think they will do?
can they go after my house up here?
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Old Sep 11th, 2008, 12:23 PM   #4
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Default Re: Debt and relocating to a foreign country

They could sue you and then seek to collect. They have to go through the Canadian court first and you would be notified.
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Old Feb 11th, 2009, 09:50 AM   #5
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Question Re: Debt and relocating to a foreign country

So how are the things ?? Have anyone pursed you? Did You have any problems or everything is allright??
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Old Mar 23rd, 2009, 10:45 AM   #6
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Default Re: Debt and relocating to a foreign country

Quote:
Originally Posted by paul mcgreevy View Post
wow
my situation is very similar to yours,
i left the U.S. owing about 65k, and moved to canada
they know were i am
what do you think they will do?
can they go after my house up here?
How in the world can you people sleep? You borrow money in good faith and then stick it to the company? You sound like a dead beat along with some other posters.

However, if you are in another Country the financial institutions are out of luck. The other post are on target.
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Old Apr 14th, 2009, 08:51 PM   #7
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EEK! Re: Debt and relocating to a foreign country

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How in the world can you people sleep? You borrow money in good faith and then stick it to the company? You sound like a dead beat along with some other posters.

However, if you are in another Country the financial institutions are out of luck. The other post are on target.
I think your negative comments are out of place here, without knowing the facts of each case. yes there are some low life that abuse the system, but from my experience, Debt is sometimes a result of a bad situation that got worse, for example, a well paid job, person gets a loan for an expensive car, they loos the job, ie, no income, Return the car, but due to Tax and depreciation, Owe about 1/3 the value of the car to the bank, the bank then adds a massive fee on top. and its a downwards spiral. there are many scenarios, and leaving the country to get a job, to the debt, is no different than the debtor staying in the country with no job. Only difference is if they can get back into productive society, improve the world economy, and effectively contribute.
Banks and loan companies could help by offering, insurance in case of lost income, Loan freeze options, so that the debtor has a chance to get back to stable, there are many more things that could be done, but it just seems, they want to push everything to bankruptcy, not to help, but just to write it of so they can get on with other business. I think there is some background business model that has requirements and procedures to follow until they can give up on collection, and Debt collection companies, are a law unto themselves.
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Old Mar 4th, 2010, 04:37 PM   #8
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Default Re: Debt and relocating to a foreign country

How come its ok for the BANKS and CREDIT CARD companies to set up the system so that you are in a revolving door of debt? How come its ok for the TAXPAYERS TO BAIL OUT THE BAD FINANCIAL DECISIONS OF BANKERS AND WALL STREET IDIOTS!!! BUT SOMEHOW ITS UNETHICAL FOR A WORKING MOTHER WITH 2 KIDS TO STOP PAYING HER CREDIT CARD?

This is my opinion about it, I am disgusted with this nation right now I don't want to hear the BS about sleeping at night and paying off debt cause as we have just seen with the bailout etc etc, its BS. Look if a person has a good job and if doing well 9 times out of 10 they will pay their debt but don't judge people and stand up for banks, everytime I hear an American stand up for banks I think they are morons!!!

Also I have news for you the governments job is to provide JOBS for the citizens of this nation and if it can't I feel THE CONTRACT HAS BEEN BROKEN. Which means if I have lets say student loan debt and now that i have graduated can't get a job because of the financial melt down which was not my fault I didn't make millions on wallstreet, then why can't I go after the government or AIG or Banks for my share of the bailout since they cause the meltdown??

The government provides student loans so that we the citizens can be better educated and get jobs. WELL WHERE ARE THE JOBS? UNEMPLOYMENT IS ALMOST 10%. SO NOW THE DEGREE IS WORTHLESS, AND WHY CAN'T I GET OUT OF MY LOAN DEBT IF THEY DON'T PROVIDE A GOOD ECONOMY and jobs??

WAKE UP PEOPLE!!
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Old Mar 4th, 2010, 06:04 PM   #9
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Default Re: Debt and relocating to a foreign country

I agree with the last poster. The back to the original question I don't think there is anything they can do when you leave the country. If you want to make it right before you leave file Chapter 7 bankruptcy and wipe out the $11,000 loan and your credit card debt. If you do this you'll leave with a good conscious that no one is following you or has any recourse against you if our credit ever becomes globalized. The banks don't have a problem raising rates to 26% when people can barely pay them 10% so don't feel bad about your situation, it's not your fault. That's why bankruptcy was created, to give you a second chance.
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Old Mar 4th, 2010, 06:07 PM   #10
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Default Re: Debt and relocating to a foreign country

The collection companies can transfer the debt collection effort to the new country and try to sue -- but they normally will not do so due to cost and complications. If the debt is extremely large it may be worth the
effort -- If they believe any fraud was involved that will
sometimes cause them to act.

They will often wait until you are back



ILM
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