Korean Job Discussion Forums

huck · Joined: 19 Jan 2003

I..uh..have a "friend" who... Smile

Has anyone ever declared bankruptcy for back home while being here? Do you know if it's possible to do it outside of your home country?

I'm weighing the benefits/penalites between declaring for bankruptcy or trying to figure out and consolidate all of my unpaid bills are from when I had too many credit cards in university (which have all multiplied endlessly due to overdue interest charges)...

I'd like to finally get it taken care of, so if anyone has any suggestions, I'd appreciate it.

thanks..

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

davai! · Joined: 04 Dec 2005 Location: Kuwait

how much is your debt?
is it all credit cards?
when was the last time you made a payment on these debts?
how old are you?
are you planning on buying a house soon?

if it is credit cards, you may be better off waiting 7 years (from date of last payment) or settling on them after 3-5 years.

look into the laws of your state. After a certain time they can't sue you over the debt and after 7 years it comes off your credit report.

Also, write your creditors/collectors now and tell them to only contact you by mail. That will stop the annoying phone calls.

This applies if you're American. Don't know others' laws.

mrsquirrel · Joined: 13 Dec 2006

UK has no statute of limitations.

So if you try and hide they will one day find you if you go back.

You can't claim bankrupt of a student loan in the UK any more either.

If you have actually bumped your cards it would be a good idea to pay of the first two instalments so they don't come after you for fraud/theft.

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

newteacher · Joined: 31 May 2007

If you're from the US and have a job chances are you will not be able to declare bankruptcy. A few years back they changed the standards for bankruptcy to heavily favor the creditors in any disputes, so now it's nearly impossible to declare.

mrsquirrel · Joined: 13 Dec 2006

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

Certainly Scottish law is different - there is in fact no such thing as British or UK law.

If there is a SoL in Scotland I know not, but I would expect there to be.

In England the basic rule is 6 years after you acknowledge the debt it dies.

mrsquirrel · Joined: 13 Dec 2006

Searching around it appears Scottish law is 5 years.

How do you acknowledge the debt? I presume that by making a couple of payments then defaulting that would do the trick.

huck · Joined: 19 Jan 2003

USA...

Would "they" be aware of the fact that I have a well-paying job in another country? Or do you think they only have records of my USA assets, which would be a couple of thousand dollars in an account there?

And, I'm not trying to sneak away and get out of my debt scot-free...It's just that contemplating about how to pay everything off, and how to find what I owe, and how to organize everything from here seems a bit overwhelming.

GoldMember · Joined: 24 Oct 2006

Most of the time stupid people file for bankruptcy, as most bankrupts actually don't have large debts. Do what the smart people do NEGOTIATE a settlement, years ago I negotiated 8 cents in the dollar with a bank, a few weeks later I got new credit cards from them!